According to a Reuters report, people familiar with the matter said on Thursday that Bytedance had told TikTok engineers this week to develop contingency plans to deal with situations that may require business closure in the United States, even if the company is working to divest TikTok . Companies such as Microsoft and Oracle are currently bidding for TikTok assets. ByteDance will select a bidder to enter the exclusive negotiation session as soon as Friday.
According to news, although TikTok has filed a lawsuit to challenge Trump’s executive order, the company is also preparing for the situation that it cannot be forced to close by reaching a sale agreement before mid-September. ByteDance is also formulating another plan to provide compensation to American employees and suppliers in the event of closing TikTok’s American business.
Facing uncertainty, TikTok has frozen the recruitment of most vacant positions in the United States and only recruited 5% of the employees originally planned. ByteDance uses TikTok’s preparations for the shutdown as a backup plan, and is working to reach an agreement with the goal of maintaining TikTok’s operations in the United States without interruption.
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