Parent Bytedance to retain a minimal stake in TikTok
Bytedance is planning to sell-off the majority of its TikTok stake to other investors, retaining a minimal share in the short video platform. This act is an effort to avert the possibility of the US banning TikTok. Bytedance has global investors including KKR, General Atlantic etc that may help the firm quell the ban decision. The firm has been planning to distance itself from China. Creating a new board for TikTok, establishing headquarters outside China is on cards.