Exclusive-ByteDance prefers TikTok shutdown in US if legal options fail, sources say [Yahoo! Finance]
KKR & Co. Inc. (KKR)
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Source: Yahoo! Finance
the Chinese company exhausts all legal options to fight legislation to ban the platform from app stores in the U.S., four sources said. The algorithms TikTok relies on for its operations are deemed core to ByteDance overall operations, which would make a sale of the app with algorithms highly unlikely, said the sources close to the parent. TikTok accounts for a small share of ByteDance's total revenues and daily active users, so the parent would rather have the app shut down in the U.S. in a worst case scenario than sell it to a potential American buyer, they said. A shut-down would have limited impact on ByteDance's business while the company would not have to give up its core algorithm, said the sources, who declined to be named as they were not authorised to speak to the media. ByteDance declined to comment. It said late on Thursday in a statement posted on Toutiao, a media platform it owns, that it had no plan to sell TikTok, in response to an article by The Information
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KKR
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- 4/10/24 - Form 8-K
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- KKR's page on the SEC website