The video-creation and sharing app’s parent company ByteDance had been in discussions with the Department for International Trade and Number 10 about creating a worldwide base in London.
The social media giant has hired aggressively across the West this year as part of a strategy to distance itself from its Chinese ownership. It most recently poached Kevin Mayer, a former Walt Disney executive, to be TikTok’s CEO.
A statement from TikTok issued to the paper said: “We remain fully committed to investing in London and inspiring creativity and bringing joy to our users around the world.”
The news broke after Communist Party officials warned British firms operating in China, including Jaguar Land Rover, BP, and GlaxoSmithKline, they could face retaliation over Boris Johnson’s decision on Huawei.
And there are fears high-profile investment deals in the UK by China such as the Hinkley Point C nuclear power station could also be affected if the breakdown in relations becomes a full-blown economic war.
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