ByteDance, the Chinese parent company of TikTok, refuted on Thursday that it is considering selling the popular social media platform, dismissing media speculation in the wake of President Joe Biden’s bill threatening a ban unless it divests its ownership.

In a statement posted on its news platform Toutiao, ByteDance described the reports as ‘false rumour’.

“Foreign media reports that ByteDance is exploring the sale of TikTok are untrue. ByteDance has no plans to sell TikTok.”

This is the first response by TikTok since Biden signed the bill, which mandates the company to divest TikTok, setting a tight deadline of nine months for the sale, with the possibility of a three-month extension if negotiations are ongoing.

TikTok, however, has staunchly refuted allegations of being a security threat and has asserted its independence from the Chinese government’s influence.

In reacting to the potential ban in the US, the firm’s Chief Executive, Shou Zi Chew, said his company is not going anywhere.

TikTok makes clarification on imminent sale