ByteDance Ltd.'s TikTok has shared specifics of its $1.5 billion restructuring plan for its United States-based unit with members of US Congress and civil society organizations, The Wall Street Journal reported on Monday, citing unnamed sources familiar with the matter.
By creating the TikTok US Data Security, or USDS, and making more reorganization moves, TikTok's US business aims to persuade American legislators that it will be able to work as a separate company, without the influence of its parent firm located in China. A TikTok spokesperson told the newspaper that the company also wants to resolve concerns that the government in Washington has about its handling of data by offering solutions for oversight of its video content algorithms.
TikTok is conducting lengthy negotiations with the Committee on Foreign Investment in the United States (CFIUS) in an attempt to stay in the US market.
