Bytedance
The US House of Representatives has approved a bill that would force TikTok’s owner to sever ties with its Chinese parent company ByteDance or face a ban there. US President Joe Biden says he will sign it into law if senators approve it, amid concerns about Beijing’s influence over the hugely popular app and its access to data on American users. China – which bans TikTok and most western social media platforms domestically – said on Thursday that it “will take all necessary measures to resolutely safeguard its legitimate rights and interests,” in light of the US legislative moves. The app is o...
Hong Kong Free Press
Seoul (AFP) - From its birth in a Beijing apartment 12 years ago, ByteDance grew into one of the world's biggest tech firms -- best known in most countries as the creator of TikTok. But TikTok now faces a furious campaign in Washington: the House of Representatives is set to vote Wednesday on a bill that could see the wildly popular video-sharing app banned in the United States if it does not sever itself from ByteDance. How big is ByteDance? ByteDance has rocketed in recent years to become one of the most valuable companies in the world, worth around $225 billion, according to market intellig...
AFP
TikTok is encouraging creators to create videos longer than a minute. The Creator Rewards Program - formerly known as the Creativity Program - will only pay for clips more than 60 seconds long as more ads can be shown. TikTok - which is owned by China's ByteDance - said: "The Creator Rewards Program will continue rewarding high-quality, original content over a minute long with an optimized rewards formula focused on 4 key areas: originality, play duration, search value and audience engagement." TikTok has found total creator revenue increased "by 250 per cent within the last 6 months, and the ...
BANG Showbiz English
Universal Music Group is to pull its music from TikTok over pay disparity and AI concerns. The music label - which is home to the likes of Taylor Swift and Drake - has fallen out with the video-sharing app owned by Chinese firm ByteDance and is yet to agree new terms after their licensing agreement ended on January 31. UMG raised issues about "appropriate compensation for our artists and songwriters, protecting human artists from the harmful effects of AI, and online safety for TikTok's users." It claimed that only 1 per cent of its revenue comes from TikTok, despite social media site's "massi...
BANG Showbiz English
Texas will ban TikTok use on state-owned devices or networks after all. The Knight First Amendment Institute at Columbia University challenged the government's proposed ban in a lawsuit filed in July, insisting it "is preventing or seriously impeding faculty from pursuing research that relates to TikTok." However, on Monday (11.12.23), U.S. District Judge Robert Pitman said the government's data concerns make it a "reasonable restriction". He wrote: "Public university faculty - and all public employees - are free to use TikTok on their personal devices (as long as such devices are not used to ...
BANG Showbiz English
ByteDance is minimising its gaming business. The Beijing-based firm - which is best known for its short-form video platform TikTok - has confirmed it has been forced to "restructure" the department, four years after it launched. The BBC reports that games that have already launched will remain but any others will be scrapped. A ByteDance spokesperson simply told the outlet it "made the difficult decision to restructure our gaming business." It comes after Nuverse reassured players of 'Marvel Snap' that the game will not be impacted by the reported redundancies. In a statement on the 'Marvel Sn...
BANG Showbiz English
TikTok CEO Shou Zi Chew testified for several hours on Thursday in front of the House Energy and Commerce Committee to defend TikTok as U.S. lawmakers threaten to ban the app in the United States. Members of Congress expressed their fears that TikTok’s parent company, ByteDance, could be legally compelled to give the Chinese government access to data that it requests. Some representatives said that TikTok could be used as a data-mining operation by the Chinese Communist Party (CCP) to gather intelligence about the United States and its citizens. “To the American people watching today, hear thi...
uPolitics.com
The United States has the most Unicorn companies out of any country in the world, a new study has revealed. The Countries With The Most UnicornsThe United States tops the list for countries with the most Unicorn companies, with 615 billion dollar companies being founded in the country, which is the equivalent of more than half of all Unicorn companies analysed. Q2 2022 hedge fund letters, conferences and more China ranks second, with 15.17% of all Unicorn companies originating in the country. Unicorns such as Bytedance and SHEIN are just 2 of the 174 billion dollar companies founded in China. ...
ValueWalk
The Chinese upstart behind TikTok has emerged into a major venture capital investor. Q3 2021 hedge fund letters, conferences and more Online healthcare (or telehealth) has been in the spotlight in 2021. As consumers' awareness and acceptance continued to improve, telehealth utilization rose to 38 times the pre-COVID-19 baseline. And the skyrocketing investment in the virtual-enabled healthcare industry has further boosted its valuation to CNY 1.2 trillion, according to EqualOcean data. Pivots by tech giants towards healthcare have not been uncommon in recent years. Alibaba Group Holding Ltd (N...
ValueWalk
The net worth of Yiming Zhang, a 38-year-old founder of the company behind TikTok, has reached USD 59.4 billion. Q3 2021 hedge fund letters, conferences and more The Net Worth Of ByteDance Founder Yiming ZhangIn 2016, ByteDance released what would become the world's most popular app, TikTok. Five years later, Yiming Zhang, the founder of ByteDance, has seen his net worth to USD 59.4 billion, as announced by Forbes on October 20, 2021. He had surpassed Huateng Ma (net worth of USD 50.4 billion), the founder of Tencent (TCEHY:OTCMKTS), to became the richest man in China's Internet Industry. Shan...
ValueWalk
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