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ByteDance denies rumored plans to sell TikTok stake

Beijing Byte Dance Telecommunications Co. Ltd. does not intend to sell its TikTok app, Reuters reported, citing a statement by TikTok CEO Alex Zhu in an internal note.

The emergence of the note comes after Bloomberg News reported that ByteDance CEO Yiming Zhang is looking into a range of options for the video unit to address concerns it faces in the U.S. Recommendations from advisers include an aggressive legal defense or a sale of a majority stake in TikTok, Bloomberg reported, citing sources.

A sale of more than half of the business could equate to more than $10 billion, one of the sources told Bloomberg.

In the internal note, Zhu called the report "inaccurate" and said the company "had no discussions with potential buyers of TikTok."

TikTok is facing scrutiny from a number of U.S. lawmakers over security and privacy.