ByteDance managed to position itself in recent years as one of the most valuable companies in the world, valued at about 225 billion dollars and therefore located above SpaceX or OpenAI, according to market intelligence firm CP Insights.
tiktokapplication launched in 2017 by ByteDance As the international version of Douyin – which currently has hundreds of millions of users – it captivated the world and amassed more than 1 billion users in four years.
How BytyDacen, the creator of TikTok, was founded
Since his birth in an apartment in Beijing 12 years ago, ByteDance became one of the largest technology companies in the world, mainly known for be the creator of TikTok. However, this popular social network is currently facing a tough campaign in Washington.
The House of Representatives approved on Wednesday a bill that could ban the application in the United States if it does not cut relations with its parent company.
The new adventures of ByteDance
Thanks to the enormous growth of these networksByteDance also ventured into e-commerce and travel bookings, and claims to have more than 150,000 employees in nearly 120 cities around the world. This isChinese private company does not disclose its income and profits, but media estimates put it on the same level as some of the world’s largest companies.
In 2023, ByteDance sales exceeded $110 billionBloomberg reported in December, a figure higher than Chinese technology giant Tencent’s estimated revenue for that year. ByteDance did not respond to questions from AFP on their profits.
Applications and their care with fake news
So much Tiktok as Metaparent company of Facebookthey pay AFP and more than 100 fact-checking organizations to verify videos that could contain false information. TikTok indicated that about 60% of ByteDance belongs to institutional investors, including the American giant BlackRock.
The founders of ByteDance have 20% and the rest belongs to employees, according to the social network. The Chinese company, incorporated in the Cayman Islands, also includes General Atlantic among its investors. Three of the five members of its board are Americans, according to TikTok.
A Chinese state entity owns 1% of Douyin, indicates the ByteDance website. TikTok assures that it is a requirement under Chinese law and that it does not affect the international operations of the parent company.
Website reports
He Tech news website The Information reported in 2021 that that 1% stake comprises a board seat. In March last year, during a US congressional hearing, TikTok CEO Shou Zi Chew responded “I think so” when asked if a Chinese official was on ByteDance’s board.
However, he assured that Tiktok will not be “manipulated by any government.” Many US lawmakers are not so sure that TikTok is independent from Beijing, even though its headquarters are not in China.
The bill approved for TikTok to separate from ByteDance
He bill approved this Wednesday in the House of Representatives seeks to pressure TikTok to disassociate itself from ByteDance. Those who support this legislative initiative They claim that ByteDance allows Beijing to spy on and manipulate some 170 million users in the United States.
US intelligence and security agencies – including the director of the FBI this week – shared these concerns. TikTok is banned from the work phones of government employees in the United States and other nations, such as Australia and Canada, for security reasons.
Both assure that there is no risk to the data of American users. He TikTok CEO insists the Chinese government never asked for this data, and that it never provided them, and TikTok claims that it directs all its traffic in the United States through infrastructure in this country.
What will happen if TikTok is sold
If this law is approved, the company will take the case to court, according to Bloomberg. However, his fate in the Senate is uncertain, as key figures oppose taking such a drastic measure against the popular app.
China has repeatedly said it opposes a forced sale of TikTok and on Wednesday warned against targeting the company.
“Although the United States has never found evidence that TikTok threatens American national security, it has continued to crack down on it,” said the Foreign Ministry spokesman Wang Wenbin condemning it as “bullying behavior.”
Any TikTok sale will likely require approval from Beijing.
Source: Ambito
