The latest news on who owns TikTok involves the Chinese government. Although the Chinese government did not approach the company for a potential acquisition, the Chinese government was so interested in the video-sharing app that it sought an American buyer. On August 14, the US president said that if TikTok does not sell to US investors by November 14, 2020, it will be banned. In response to this new development, China has threatened to retaliate.
What Is TikTok?
TikTok is a video sharing app. The app is popular in China, with more than 700 million users worldwide. The United States President Donald Trump has declared TikTok a national security threat, and the Chinese company has been ordered to divest itself of the company. Some companies that have been interested in purchasing the company have included Microsoft, Oracle, Walmart, and other tech giants. While the US government has banned TikTok in the United States, it did not ban the app in Canada. Besides its popularity, TikTok has attracted many rivals. The two most popular countries are China and Indonesia. Both countries have huge user bases. In China, TikTok is the top app with more than 500 million users. In mid-2019, it may open for IPO. With such a large user base, Facebook has considered developing a Lasso app in response to the competition.
Who Owns TikTok?
According to media reports, the Chinese firm owns TikTok. ByteDance, which is based in Hong Kong, is a Chinese Internet company with many other content platforms in various countries. Its private market valuation is predicted to exceed $100 billion by 2020. In 2017, the company made $3 billion in profits and generated $17 billion in revenue. The Cayman corporation, TikTok Ltd., has subsidiaries in the US and Singapore. The UK company, TikTok Information Technologies UK Ltd., has a wholly-owned subsidiary in Singapore.
As the Chinese technology company has not yet sold its shares to an American company, the deal has not yet been completed. The Chinese company has already reached a deal to create a new company, TikTok Global, and is set to buy the rest of the company. As of February, the app is available in more than 150 countries, including China, and has more than 700 million users. Currently, it is owned by Beijing-based ByteDance. Zhang Yiming has been named as one of Time Magazine’s 100 most influential people for 2019 and called a “top entrepreneur in the world.”
Which Country Tried To Ban Tiktok?
Despite its popularity, TikTok is controversial. Privacy issues have led the Chinese government to threaten its ban in the U.S. in 2020. The Chinese company is also liable for violating the law. However, the U.S. government has not made any official decision yet. It is unclear if the company will continue to have the same ownership structure and make the same decisions as to its parent companies. ByteDance’s plan to sell off the app will result in a shake-up of the company.
While the future of the company is unknown, its popularity has risen significantly over the past few years. While its growth has been largely unhindered, controversy has often surrounded the company. The United States government tried to ban TikTok in 2020 but was blocked by a federal judge. In June 2020, the Indian government banned the app due to a border clash with China. The company is not expected to continue without a ban, but it has faced a host of legal challenges.
How Much TikTok Is Popular?
In addition to its popularity, TikTok is a fast-growing Chinese video-sharing app that has been gaining popularity worldwide. Its logo, however, evokes the musical note. Unlike its competitor, the name is in Chinese. While the Chinese have nothing to do with the app, it is censored. Its parent company reportedly denies this claim, but the company’s founder has publicly admitted that it has banned some pro-LGBT content from the app.
Despite the controversy surrounding TikTok, the Chinese government has been keen to support the platform. In July 2018, TikTok was available in more than 150 countries and 75 languages. Its parent company, ByteDance, reported that it had added more than seven million US users in the first four months of 2018. The company also plans to add more educational resources to its platform. It also partners with tech startups to improve the experience of its users.