After Biden signs TikTok ban into law, ByteDance says it won't sell the social media service

ByteDance, the China-based owner of TikTok, said it doesn't have plans to sell the social media service in the wake of a new law that requires it either to divest ownership of the popular app within 12 months, or face a U.S. ban.

On Thursday, ByteDance posted a message on Toutiao, a Chinese social media service which it owns, refuting reports that the company is considering selling TikTok. Such reports are "untrue," it wrote.

It added, "ByteDance does not have any plans to sell TikTok."