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TikTok's owner is raking in cash

Business Insider

Business Insider · 1y ago

TikTok's owner is raking in cash

TikTok's parent company, ByteDance, saw a significant increase in revenue, with earnings jumping from $25 billion in 2022 to $40 billion in 2023. This growth was driven by the success of TikTok Shop, enabling ByteDance to enter the international e-commerce market. However, the US Congress passed a bill that could require ByteDance to sell TikTok unless it is acquired by an American company. This ban could have implications for President Joe Biden's reelection campaign. Additionally, news of ByteDance utilizing OpenAI's technology raised concerns within the AI community and violated OpenAI's terms of service.

Related News

YouTuber MrBeast joins bid to acquire TikTok US amid 75-day deadline

Economic Times

Economic Times · 7m ago

YouTuber MrBeast joins bid to acquire TikTok US amid 75-day deadline

YouTuber MrBeast has joined American investors aiming to acquire TikTok's US business amid a 75-day deadline for resolving its ownership to avoid a ban. MrBeast, real name Jimmy Donaldson, expressed willingness to buy TikTok, supporting a bid led by tech entrepreneur Jesse Tinsley. The group has submitted an all-cash offer, with the aim of partnering with the US government to secure TikTok for American users. TikTok's Chinese owner, ByteDance, currently resists the sale.

Oracle's role in TikTok's future gets Capitol Hill scrutiny

Economic Times

Economic Times · 5m ago

Oracle's role in TikTok's future gets Capitol Hill scrutiny

Oracle's potential involvement in TikTok's future is under scrutiny in Washington. With TikTok owned by China's ByteDance, concerns about national security persist. Oracle, already a tech partner for TikTok in the U.S., has met with Capitol Hill aides to discuss compliance with laws demanding TikTok's sale to a non-Chinese owner by April 5. Lawmakers warn against deals that might maintain Chinese influence. The decision ultimately rests with the White House, as the deadline looms.

US TikTok ban looms as Trump seeks last-ditch solution

Economic Times

Economic Times · 7m ago

US TikTok ban looms as Trump seeks last-ditch solution

The US Supreme Court upheld a law mandating TikTok's sale or ban for national security, threatening its accessibility to 170 million US users. TikTok's CEO appealed to President-elect Trump for a resolution, as the app risks a US shutdown unless the Chinese owner finds a buyer by Sunday. The law requires Apple and Google to remove TikTok, facing penalties if accessed. Alternatives like Instagram Reels and YouTube Shorts could benefit from TikTok's potential ban.

If not via the App Store, here’s how to download TikTok on Android in the U.S. | Mint

Livemint

Livemint · 6m ago

If not via the App Store, here’s how to download TikTok on Android in the U.S. | Mint

In the U.S., Android users can now download TikTok directly from its website via package kits, following the app's removal from Google and Apple stores due to a new law demanding TikTok's Chinese owner, ByteDance, sell the platform. President Trump delayed enforcement of the ban for 75 days, hoping for acquisition talks. Concerns over data security persist, despite TikTok's data handling assurances. The platform's future remains uncertain amid debates and legal challenges.

How Trump's TikTok negotiations were upended by China and tariffs

Economic Times

Economic Times · 4m ago

How Trump's TikTok negotiations were upended by China and tariffs

The Trump administration's plan to restructure TikTok and address national security concerns was disrupted by heightened trade tensions between the U.S. and China. ByteDance, TikTok's owner, had proposed a structure granting 50% ownership to new American investors, complying with U.S. regulations. However, China's opposition, influenced by recent U.S. tariffs, halted progress. The situation illustrates TikTok's precarious position amid geopolitical disputes over trade and technology, raising uncertainty about reaching a resolution.

Donald Trump will try to deal with TikTok in current time frame, US Commerce chief says

Economic Times

Economic Times · 5m ago

Donald Trump will try to deal with TikTok in current time frame, US Commerce chief says

US President Donald Trump is working to address the TikTok situation within a given timeframe, according to U.S. Commerce Secretary Howard Lutnick. The administration is engaging with four groups regarding the sale of the Chinese-owned platform. In January, Trump signed an executive order postponing enforcement of a U.S. law by 75 days, requiring ByteDance, TikTok's owner, to sell the platform due to national security concerns or face a ban.

JD Vance has a TikTok problem. Can he find a solution?

Economic Times

Economic Times · 6m ago

JD Vance has a TikTok problem. Can he find a solution?

Vice President JD Vance is exploring Frank McCourt's bid to buy TikTok as part of efforts, initiated by former President Donald Trump, to relocate TikTok ownership to a non-Chinese entity due to security concerns. Although TikTok remains popular in the U.S. with around 170 million users, challenges persist, such as gaining approval from TikTok's Chinese owner, ByteDance. Potential bids for TikTok are underway, but Vance's involvement could enhance negotiation credibility.

Elon Musk would be the best owner for TikTok. There's just one problem.

Business Insider

Business Insider · 1y ago

Elon Musk would be the best owner for TikTok. There's just one problem.

Former Treasury Secretary Steven Mnuchin and former Activision CEO Bobby Kotick have expressed interest in buying TikTok's US operations, although they both lack the necessary funds. Mnuchin is seeking investors for the acquisition, while Kotick floated the idea of partnering with others to buy the platform. However, several obstacles must be overcome, including the passage of an anti-TikTok bill in the US Senate, a court challenge from ByteDance (TikTok's owner), and a change in the Chinese government's stance on the sale. Estimates for the purchase price range from $40 billion to "hundreds of billions." Furthermore, Elon Musk has been suggested as a potential buyer, but his previous failures in running a consumer app dampen prospects.

Explainer: Will TikTok be banned in the US and what is next for the bill?

Economic Times

Economic Times · 1y ago

Explainer: Will TikTok be banned in the US and what is next for the bill?

The U.S. House of Representatives has passed a bill giving TikTok's owner, ByteDance, six months to divest its U.S. assets or face a nationwide ban. Concerns have been raised that TikTok's management could be influenced by the Chinese government, posing a threat to U.S. national security. The bill passed in a bipartisan vote, with most Republicans supporting it. If the bill becomes law, TikTok could be removed from app stores, making it difficult for users to access the platform. China has previously banned TikTok in India, Nepal, and several other countries. The bill now faces review in the Senate.

TikTok must find non-Chinese owner by Saturday to avert US ban

Economic Times

Economic Times · 4m ago

TikTok must find non-Chinese owner by Saturday to avert US ban

TikTok faces a looming deadline to find a non-Chinese owner or face a U.S. ban, due to national security concerns about its Chinese parent company, ByteDance. TikTok, with over 170 million American users, risks shutdown if it doesn't comply. President Trump is negotiating a possible deal, involving U.S. investors like Oracle and Blackstone, to transfer ownership. However, the fate of TikTok's valuable algorithm, seen as potentially weaponizable, remains uncertain.

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