Byte Dance, the Chinese company that owns TikTok, returned to the negotiating table with the federal government to continue operations in the United States, according to a Washington Post exclusive.
According to The Post, senior ByteDance officials met last week with the Foreign Investment Committee (CFIUS) at the Treasury Department to hash out the future of the app on domestic devices. This comes six months after the Biden administration announced an ultimatum to the company: sell, or say goodbye to the U.S. market. The measure was proposed by the Trump administration at the time.
Throughout 2023, leadership of the Chinese company went through Congress on several occasions. They are accused of collaborating with the Chinese Communist Party, in addition to failing to protect the data of American citizens.
ByteDance responded publicly by denying any submission to the Chinese government and promising a hefty $1.5 billion investment aimed at beefing up the security of its databases. However, according to The Washington Post, CFIUS' position has not changed, leaving the same two options for ByteDance: sell, or leave.
Three seats on the board of directors
According to The Washington Post, the negotiations are also focused on the proposal launched by ByteDance that would give CFIUS access to the company's board of directors. The U.S. commission would be able to choose three people to oversee operations within the company, looking after the interests of U.S. users.