: U.S. demands Chinese owners of TikTok sell stake to avoid ban of service: report


President Joe Biden’s administration has reportedly told Chinese owners of the popular video-clip sharing site TikTok that they must sell their stakes or else face a ban in the U.S. TikTok is owned by Beijing-based ByteDance Ltd. Late Wednesday, The Wall Street Journal reported the Biden administration and the Committee on Foreign Investment in the U.S. have recently demanded the sale. Last week, Biden and a dozen senators from both sides of the aisle backed a bill that would allow the U.S. Commerce secretary to block foreign technologies like TikTok on national security grounds.

This article was originally published by Marketwatch.com. Read the original article here.

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