Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Please do not hesitate to contact me. The news comes after Chinese regulators launched a cybersecurity review into homegrown ride-hailing service Didi, which listed on the New York Stock Exchange last month. Statement on ByteDance and TikTok by Treasury Spokesperson SCRIPTS recently welcomed ByteDance, on 18 April 2022, for a hybrid meeting session with their teams from Singapore, APAC and US, exploring Gain a global perspective on the US and go beyond with curated news and analysis from 600 Statement by Secretary Steven T. Mnuchin on the Presidents Decision Regarding the Acquisition by ByteDance Ltd. of the U.S. Business of musical.ly August 14, 2020 WASHINGTON As chair of the Committee on Foreign Investment in the United States (CFIUS), U.S. Treasury Secretary Steven T. Mnuchin today issued the following News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. BlackRock The US is banning the app from federal government devices and numerous states have taken similar measures. Which industries has this organization most actively invested in? While many Chinese apps have failed to succeed outside of China, most notably Tencents WeChat, TikTok managed to push itself into the overseas market through the acquisition of Musical.ly in November 2017 for $1 billion. ", On Saturday, Trump gave his blessing to a deal that would see Oracle and Walmart take a minority stake in a U.S.-headquartered company called TikTok Global. For Daniel Alegre, the former Activision Blizzard Inc. executive who joined Yuga as chief executive officer last month, NFTs still have a bright future by serving as a room key to a world of gaming, events and e-commerce. TikTok may have a global user base of more than 1 billion people, but within its home country of China, the app has given rise to a "cottage industry" of scammers pedaling dubious products to viewers abroad, the Financial Times reported. Migrants find tips on Chinese version of TikTok for long trek to ByteDance - Inspire Creativity, Enrich Life If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. In, Yahoo. 2023 CNBC LLC. Originally launched as a short-form video sharing platform, primarily for lipsyncing and dancing videos, TikTok has grown into a fully-fledged video service, with content available for all types of viewers. ByteDance Ltd.s profit last year soared to a record, surpassing that of China technology giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. for the first time. 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Analysis and advice on how technology is disrupting fashion and creating new opportunities. No access to the company, no decision-making authority, to ability to peer into what they're doing; just a passive shareholder," Pompeo said, according to an official transcript., Trump has also previously said the U.S. Treasury should get a cut of any deal involving TikTok. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Sign In. Apart from its flagship short video ByteDance also allowed the Chinese government to take a special management stake in one of its Chinese subsidiaries in late 2019, Reuters reported in By signing up you agree to our privacy policy. Then you can access your favorite statistics via the star in the header. For more information read our Terms & Conditions. Learn more about how Statista can support your business. Tencent reported Ebitda of 164 billion yuan ($23.9 billion) for 2022 in its preliminary earnings statement, while Alibabas figure for the same period is about $22.7 billion, according to Bloomberg-compiled data. ByteDance can afford to be patient with the lossmaking Western app thanks to its lucrative Chinese version, Douyin. TikTok Owner ByteDance 20 January 2022. In March 2021, Chew joined ByteDance as its chief financial officer. "Brems also told Insider via Instagram message that "there's numerous fake accounts of me promoting nonsense 'weight loss' coffee.". "We don't comment on rumors or speculation," a ByteDance spokesperson told CNBC. TikTok has attracted a "cottage industry" of scammers, the FT says, citing dodgy items being hawked. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Data is a real-time snapshot *Data is delayed at least 15 minutes. In early August, Trump said that TikTok would be shut down in the U.S. unless an American firm bought it. You can opt out anytime. $ + tax ByteDance or Which funding types raised the most money? But in a Chinese-language statement on Monday, ByteDance, the Beijing-based parent company of TikTok, insisted it was not losing control of the social media app., The company said it plans to carry out a small round of pre-IPO (initial public offering) financing that will give ByteDance an 80% stake in TikTok Global. She added that she regularly flags videos on weight loss coffee and male enhancement on TikTok, though the platform ultimately often tells her the videos aren't in violation of its policies, she said. TikTok ban is the least palatable of options | Reuters Reuters. Customer Service. organisation TikTok also faced having to sell its operations in the US to a holding company, which would have been controlled by Walmart and Oracle. In 2021, it generated $4.6 billion, a 142% increase year-on-year. About Snap. The Chinese technology firm added that the tax will need to be determined according to how TikTok Global develops, noting that the $5 billion figure has "nothing to do" with deal with Oracle and Walmart., Oracle will also get to inspect the source code for TikTok, but ByteDance said it will not be transferring algorithms or technology to the U.S. firm., Washington claims that TikTok represents a national security threat because it collects U.S. user data which can be accessed by Beijing. SCRIPTS recently welcomed ByteDance, on 18 April 2022, for a hybrid meeting session with their teams from Singapore, APAC and US, exploring possible collaboration in Privacy-preserving Technologies, as well as a tour of NTU SCRIPTS Centre. Get this delivered to your inbox, and more info about our products and services. What is ByteDances valuation? ByteDance also allowed the Chinese government to take a special management stake in one of its Chinese subsidiaries in late 2019, Reuters reported in 2021. We use ByteDance Stock Price, Funding, Valuation, Revenue & Financial Amcare Women's and Children's Hospital acquired by ByteDance, Wuhan Hezhong Yibao Technology acquired by ByteDance, Total amount raised across all funding rounds, Total number of lead investment firms and individual investors, Announced Date: Date that the Funding Round was publicly announced, Transaction Name: Auto-generated name of transaction (e.g. ByteDance Company Profile: Funding & Investors | PitchBook TikTok, known as Douyin in its home market, was launched in China in September 2016. All rights reserved. Source: App Ape. It will have nothing to do with any outside land, any outside country, it will have nothing to do with China," Trump said. They're pedaling products like fake weight loss coffee and acne medicine, the FT found. Note: Values are monthly active users in Q2 of the respective year. Zhang Yiming, the founder and CEO of ByteDance, incorporated a similar AI-platform into TikTok, which is able to identify a users interests and feed them more relevant videos. Nike Has a Plan to Take Digital Goods Mainstream. The FT said in its report that it had flagged 25 products in TikTok's UK marketplace; TikTok said those products have since been removed. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Financial He subsequently replaced TikTok CEO Kevin A. Mayer, who left the ByteDance subsidiary after three months on the job. China's ByteDance, owner of TikTok, saw revenue surge 111% in Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services., 2023 CNBC LLC. TikTok Owner ByteDance Reveals that Its Annual Revenue ByteDance's latest funding round was a Secondary Market for $100M on March 14, 2023. ByteDance's valuation in March 2020 was $105,000 - $140,000M. ByteDance's latest post-money valuation is from March 2023. Sign up for a free trial to see ByteDance's valuations in March 2023, November 2018 and more. ByteDance's 2020 revenue was $25B.