TikTok’s parent company ByteDance to lose $6 Billion after the Indian Government imposed ban on TikTok and 58 other apps

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After the historical move of Indian Government to ban TikTok and 58 other Chinese applications, the news is coming that the parent company of TikTok, ByteDance may lose up to $6 billion.

Indian Ministry of Information Technology banned the application two days ago by releasing the official notification which claimed that India is “prejudicial to the sovereignty and integrity of India, defence of India, security of state and public order.”

According to the Global Times report, the company had invested more than $1 billion in Indian market and that helped the application to become the world’s most downloaded app. But now, after the government’s move, it is being speculated that the ban could affect the ByteDance’s business on a huge lose up to $6 billion.

According to data from Sensor Twoe, TikTok was downloaded 112 million times in May, with 20 percent of that total in the Indian market; double that of the US market.

However, TikTok India had issued an official notice in which they said, “We have been invited to meet with concerned government stakeholders for an opportunity to respond and submit clarifications.”

Read here Full Statement issued by TikTok India

“The Government of India has issued an interim order for the blocking of 59 apps, including TikTok and we are in the process of complying with it. We have been invited to meet with concerned government stakeholders for an opportunity to respond and submit clarifications. TikTok continues to comply with all data privacy and security requirements under Indian law and have not shared any information of our users in India with any foreign government, including the Chinese Government. Further, if we are requested to in the future we would not do so. We place the highest importance on user privacy and integrity.

TikTok has democratized the internet by making it available in 14 Indian languages, with hundreds of millions of users, artists, storytellers, educators and performers depending on it for their livelihood, many of whom are first-time internet users.” – Nikhil Gandhi, Head of TikTok, India

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