ByteDance Sells 1 Per Cent Stake

In China’s continuing crackdown on domestic internet behemoths, ByteDance, TikTok’s parent and one of the world’s largest private internet firms, has sold a 1 per cent stake to a government affiliate. The stake is shared by three government entities including the China Media Group, which is the propaganda arm of the Communist party. A government appointed director is also expected to join the company board.