ByteDance-owned TikTok is facing an uphill battle in the US to overturn a law that requires it to sell the American operations of its popular short video platform by January 19 or be banned in the country’s app stores, analysts said. TikTok has pledged to keep up its legal battle and is waiting on a … Read more
On Friday, a U.S. court upheld a law that could force TikTok off American app stores unless its Chinese parent company, ByteDance, sells its stake by January 19. TikTok swiftly announced plans to challenge the ruling, stating it would appeal to the Supreme Court on First Amendment grounds. “Unfortunately, the TikTok ban was conceived and … Read more
TikTok owner ByteDance has been losing momentum in 2024, with slower revenue growth and narrower profit margins for the first three quarters compared with last year, according to local media. Revenue growth “significantly” slowed for the first nine months of the year, while profit margins slimmed for the first time since 2022, Chinese tech media … Read more
ByteDance, whose short video hit TikTok is under pressure to exit the US market, said Philippe Laffont, founder of New York-based Coatue Management, has exited the company’s board of directors, replaced by French businessman Xavier Niel. The Chinese company’s official website currently lists four other board members: CEO and chairman Liang Rubo, Susquehanna International Group … Read more
ByteDance, the owner of popular short video app TikTok, is adjusting its policy on share options so that employees can use less cash to pay taxes and are able to resell their shares faster. The company recently informed its US-based employees that they can withhold up to 37 per cent of the vested restricted stock … Read more
A group of TikTok creators said on Tuesday that they have filed suit in federal court seeking to block a law signed by US President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban it, saying it has had “a profound effect on American life”. … Read more
The US Justice Department and TikTok on Friday asked a US appeal court to set a fast-track schedule to consider the legal challenges to a new law requiring China-based ByteDance to divest TikTok’s US assets by January 19 or face a ban. TikTok, ByteDance and a group of TikTok content creators joined with the Justice … Read more
Billionaire businessman and real estate mogul Frank McCourt said he is putting together a consortium to purchase TikTok’s US business, adding to the number of investors hoping to benefit from a new federal law that requires TikTok’s China-based parent company to sell the popular platform or face a ban. The announcement, made on Wednesday, said … Read more
TikTok said on Tuesday it filed a federal lawsuit challenging a law signed by U.S. President Joe Biden that would force the sale or ban of the social media app. The company argues the bill violates First Amendment free speech protections. The law, signed by Biden in late April, gives TikTok’s Chinese parent company, ByteDance, … Read more
TikTok and its Chinese parent company ByteDance said on Tuesday they filed suit in US federal court seeking to block a law signed by US President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban its use. The companies said they filed a lawsuit in … Read more
