ByteDance denies reported TikTok sale to US consortium

ByteDance refuted reports that it agreed to sell TikTok's US operations to a consortium led by Oracle Corporation, according to Chinese media, which indicated that such a transaction still requires approval from both Washington and Beijing.

Earlier Bloomberg reports suggested an investor group that includes Oracle, Blackstone, and venture capital firm Andreessen Horowitz was poised to acquire a majority stake in TikTok's US arm.

The US government has mandated ByteDance to finalize the sale by September 17, adding that TikTok has to find a US buyer or face potential closure in the United States.

According to American media outlet The Information, TikTok is preparing a new app codenamed "M2," expected to launch as early as September 5.

Designed to meet US regulatory requirements, it will gradually replace the current version, which is slated for full discontinuation by March 2026.

Operating as a standalone app distinct from the existing TikTok, M2 could serve as a contingency plan for a "fresh start" in the US market if the sale collapses.

VERONICA HU