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Who is the Owner of TikTok?
If you have ever wondered who owns TikTok, you’re not alone. The social media app has been a hot topic of conversation for years. The current owners of the app include Chinese technology company ByteDance and Walmart. ByteDance recently acquired 20% of TikTok Global for $12 billion. What is the deal between these companies? What does it mean for the future of TikTok?
Shou Zi Chew
If you are one of the many people who are intrigued by the TikTok scandal, you are not alone. Thousands of people are also interested in the CEO’s background. Shou Zi Chew, a Harvard graduate, is the new CEO of the popular social networking website. Read also : How to Make TikTok Videos. His background is in technology, having worked as the CFO of ByteDance and Xiaomi Technology. He now oversees mass growth for ByteDance.
The Singaporean-born CEO is expected to lead TikTok’s parent company to an IPO, but we don’t know for sure. But there’s a lot of speculation about the future of this social network. Shou Zi Chew’s educational background is impressive. He graduated from University College London in 2006 and attended Harvard Business School, earning his MBA in 2010. Shou Zi Chew previously worked for Facebook, which went public in mid-2012.
Zhang Yiming
It’s no secret that Zhang Yiming is the founder of TikTok, the video-based social network that has become a global phenomenon. He helped build TikTok’s parent company, Beijing ByteDance, and helped make it a billion-dollar company with millions of users worldwide. But not everyone in China knows about him or his company. This may interest you : Tips For How to Blow Up on Tik Tok. He’s not only the founder of TikTok, but also Toutiao, China’s largest content platform. His other company, ByteDance, is also the owner of other entertainment platforms and apps, including ByteDance, which has over 1 billion monthly users.
While many people think of TikTok as a Chinese app, the fact is that the social network has become one of the most popular apps for American teens. While there are still concerns about the company’s Chinese ownership, the company has been able to gain international attention. The company’s founder has said that his company is not a “social network,” but rather a “virtual reality platform for short videos.
ByteDance
The controversy surrounding ByteDance, the owner of tiktok, has been in the news for several years. Despite promises to store user data in the U. To see also : How Do You Get Verified on TikTok?.S., TikTok’s parent company, ByteDance, is actually located in China. And leaked audio from internal meetings shows that ByteDance employees regularly accessed nonpublic data about US users.
After the initial controversy, TikTok nearly lost its license to operate in the United States. Both Indonesia and Bangladesh threatened to ban the app after it gained access to pornography. However, they quickly backed out after ByteDance agreed to monitor videos according to the country’s requirements. After all, the company’s business model relies on the use of technology and video.
ByteDance acquired 20% of TikTok Global for $12 billion
The Chinese government has not yet approved the sale of TikTok to Walmart or Oracle. It has also said that the deal must clear a national security panel. Some prominent senators have argued against selling the company to Walmart or Oracle. Nevertheless, the deal is expected to go through, as President Trump has already endorsed it. The company will remain under the same name, but it will be a separate entity from its Chinese parent.
The Chinese tech giant is looking to expand its services. ByteDance is operating Xigua Video, known in English as “Watermelon Video.” It has 55 million DAUs, which is a significant number. ByteDance likely uses TikTok’s user behavior to lure users into long-form content. Recently, it licensed content from the BBC. And it recently hired an ex-head of Disney+. Disney+ grew to 50 million users in a year.
ByteDance fined for allegedly collecting personal information from children without parental consent
A group of 20 consumer and advocacy groups filed a complaint with the Federal Trade Commission alleging that Chinese-owned video-sharing app TikTok was collecting personal information of children without their parents’ consent. The lawsuit comes after TikTok was sued by the Federal Trade Commission for allegedly failing to obtain parental consent from children under the age of 13. In 2017, YouTube agreed to pay $170 million in settlement of allegations that it violated COPPA.
The company’s policy of collecting child’s personal information constituted a violation of the Children’s Online Privacy Protection Act. The fine, which totaled $5 million, cited a company’s failure to take adequate steps to delete a child’s information, according to the FTC. “The company did not take adequate steps to delete user accounts, nor did it remove content from its website or app,” said Andrew Smith, director of the FTC’s Bureau of Consumer Protection.
