US demands TikTok owner ByteDance sell stakes or face ban: Report

TikTok's owners may retain some form of ownership but through a passive structure

The US has told the Chinese owners of the video-sharing app TikTok that they must sell their shares or risk the app being banned in the US, people familiar with the matter said.
 

The Treasury Department is leading the discussion though the Committee on Foreign Investment in the US, or Cfius, and made the demand recently to Tiktok’s owner, ByteDance Ltd., the people said. They asked not to be identified discussing private deliberations.

TikTok’s leadership has been discussing the possibility of separating from ByteDance Ltd., its Chinese parent, to help address concerns about national security risks, Bloomberg News reported on