In a report by Financial Times, it was indicated that TikTok's parent company ByteDance plans on going public in the first quarter of the upcoming year. The newspaper mentioned two sources from the company, who were reportedly informed about the development.
However, a spokesperson from ByteDance denied the claims in a statement emailed to Reuters that said, “There is absolutely zero truth to the rumors that we plan to list in Hong Kong in Q1.”
In the same Reuters report, four other internal sources known with the company mentioned that the company had planned on going public in the future but it wasn't going to be any time soon.
ByteDance is a Chinese company that is worth over $1 billion. The company was launched 7 years ago and was reported to have $6 billion in earnings in the first half of 2019. Currently, it holds a $78 million value.
TikTok's success has brought some controversies along, some U.S. legislators have raised speculations about how the company collects data. Facebook, which is a competitor of TikTok has criticized the company as well.
U.S. Senators Tim Cotton and Mark Schumer have recently called out an investigation to find out whether TikTok poses any threats to national security.