Prices at the Pumps - April 25, 2024 #saltwire #pricesatthepumps #gaspricesHONG KONG - TikTok owner ByteDance would prefer shutting down its loss-making app rather than sell it if the Chinese company exhausts all legal options to fight legislation to ban the platform from app stores in the U.S., four sources said.
In response to Reuters request for comment, a TikTok spokeswoman referred to ByteDance's statement posted on Toutiao. Biden's signing sets a Jan. 19 deadline for a sale - one day before his term is poised to expire - but he could extend the deadline by three months if he determines privately-owned ByteDance is making progress.
ByteDance's 2023 revenues rose to nearly $120 billion in 2023 from $80 billion in 2022, said two of the four sources. TikTok's daily active users in the U.S. is also just about 5% of ByteDance's DAUs worldwide, said one of the sources.TikTok shares the same core algorithms with ByteDance domestic apps like short video platform Douyin, three of the sources said. Its algorithms are considered better than ByteDance rivals such as Tencent and Xiaohongshu, said one of them.
In 2020, the Trump administration sought to ban TikTok and Chinese-owned WeChat but was blocked by the courts. The short-form video app has since faced partial and attempted bans in the United States and other countries. "The sale or divestiture of TikTok involves technology export and must go through administrative licensing procedures in accordance with Chinese laws and regulations."
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