News that the Chinese multinational internet technology company ByteDance was to be listed on the New York Stock Exchange (NYSE) caused a media frenzy last week. These claims have now however been debunked by a reputable source who told Reuters media company after a request for comment. As a result ByteDance is making global news headlines for the second time in an incredibly short period, but now for the news that is not in preliminary talks to be listed on the public market.
ByteDance had been suggested to be in talks to list its video sharing app TikTok on the New York Stock Exchange according to a report made by The Global Times. The Global Times is an English language newspaper from the Chinese Communist Party that is published under their People’s Daily Newspaper. The newspaper is meant to give comment on international issues from a Chinese perspective, however it has been criticised in recent months for spreading disinformation and conspiracy theories related to the coronavirus global pandemic.
Whilst the report had suggested talks were well underway, information contrary to the claim has emerged. ByteDance has even gone as far as to deny the report about the listing which would open up its shares to American consumers. Whilst the source denying the report did not want to be named as they are not authorised to speak publicly on the matter, Reuters is clear their source has direct and correct information on the matter.
The video app has been under pressure from the previous U.S. administration under Donald Trump who caused much distress to Gen Z back in 2020 with his plan to ban TikTok for American audiences. Since the new administration of Joe Biden has been taking over however, procedures have slowed down and new rules and agendas are being formed on both sides for how to move forward with TikTok and ByteDance being present in the U.S.A taking into account the security concerns the Chinese company presents to American nationals’ data.