SAN FRANCISCO – China’s TikTok is considering separating from parent ByteDance to help address US concerns about national security risks, Bloomberg News reported on Tuesday, citing sources familiar with the matter.
A divestiture, which could result in a sale or initial public offering, is considered a last resort and will be pursued only if the company’s existing proposal to US national security officials does not get approved, Bloomberg reported.
CFIUS has stalled in its process, leaving TikTok unsure of whether its plans will be sufficient for it to continue operating in the United States, according to the report. Members of CFIUS from the Justice Department have been unwilling to accept TikTok’s proposal, it added. TikTok, used by more than 100 million Americans, has come under increasing fire over fears that user data could end up in the hands of the Chinese government, undermining Western security interests.CFIUS, a powerful national security body, had in 2020 unanimously recommended that ByteDance divest TikTok because of fears that user data could be passed on to China’s government.TikTok has said it has spent more than US$1.5 billion on rigorous data security efforts and rejects spying allegations.
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