Tik Tok ban: Chinese parent company ByteDance is expected to lose upto USD 6 billion
New Delhi, July 02: TikTok, owned by China's ByteDance, which allows users to upload and share short videos and is spectacularly popular in India is expected to lose upto USD 6 Billion after India banned 59 Chinese apps following China India stand-off.
Chinese media outlet The Global Times on Wednesday twitted that the loss of the Chinese internet company which had 120 million users in India.
The state-backed media outlet twitted: "The loss of Chinese internet company ByteDance - the mother company of Tik Tok - could be as high as USD 6 billion after the Indian government banned 59 Chinese apps including Tik Tok, following deadly border clash between Indian and Chinese troops last month."
Indian government on Monday banned 59 Chinese apps amid the India-China standoff at Galwan Valley. The list of banned apps included UC Browser, Tik Tok, SHAREit, Baidu map, Shein, clash of Kings, DU battery saver, Helo, Likee, YouCam makeup, Mi Community, CM Browsers, Virus Cleaner, Apus Browser and others.
"TikTok continues to comply with all data privacy and security requirements under Indian law and has not shared any information of our users in India with any foreign government, including the Chinese government", the authority said in a statement.
Meanwhile, Prime Minister Narendra Modi has quit the Chinese social media page Weibo on Wednesday. Government sources, however, said that the PM had decided to delete his account on Monday, the same day that the apps were banned but there was a "substantial delay in getting permission to remove the account."