60% of ByteDance shares are owned by global investors
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(FOX BUSINESS) – The Biden administration is demanding that TikTok’s Chinese owners sell their stakes in the video-sharing app or face a possible U.S. ban of the app, according to people familiar with the matter.
The move represents a major shift in policy on the part of the administration, which has been under fire from some Republicans who say it hasn’t taken a tough enough stance to address the perceived security threat from TikTok, owned by Beijing-based ByteDance Ltd.
The Committee on Foreign Investment in the U.S., or Cfius—a multiagency federal task force that oversees national security risks in cross-border investments—made the sale demand recently, the people said.
TikTok executives have said that 60% of ByteDance shares are owned by global investors, 20% by employees and 20% by its founders, though the founders’ shares carry outsize voting rights, as is common with tech companies. The company was founded in Beijing in 2012 by Zhang Yiming, ByteDance Chief Executive Liang Rubo and others.
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