India’s decision to ban TikTok, and other 58 Chinese mobile applications, may have hit the parent company of the video-sharing app with a loss of USD 6 billion.
TikTok's Parent Company May Lose $6 Billion As 온라인카지노 Govt Bans Chinese Apps
In the past few years, Byte Dance, parent company of TikTok, had invested more than USD 1 billion in the 온라인카지노 market, and the ban could virtually halt its business here.
"The loss of Chinese internet company, Byte Dance, mother company of TikTok could be as high as USD 6 billion after the 온라인카지노 government banned 59 Chinese apps, including Tik Tok following a deadly border clash between India and Chinese troops last month," reported Global Times citing sources.
The report, quoting another source, said that in the past few years, the company had invested more than USD 1 billion in the 온라인카지노 market, and the ban could virtually halt its business there, causing a loss as high as USD 6 billion.
The Global Times report said the figure would exceed the potential losses of all the other apps combined.
TikTok is a short video-sharing platform under ByteDance, and Helo is a social media platform the company released for the 온라인카지노 market. Another app called Vigo Video, which is also on the list, is also from the company.
According to data from Sensor Twoer, a mobile app analysis company, TikTok was downloaded 112 million times in May, with 20 percent of that total in the 온라인카지노 market, double that of the US market.
The 온라인카지노 government on Monday said that it has decided to block 59 apps in view of the information available that "they are engaged in activities which are prejudicial to sovereignty and integrity of India, defense of India, the security of the state and public order".
Information Technology Minister, Ravi Shankar Prasad said that the government has banned apps for safety, security, defence, sovereignty, and integrity of India.
The development comes in the wake of latest escalation between ties of India and China following the recent stand-off at Galwan Valley in Eastern Ladakh along the Line of Actual Control (LAC) last month, which also killed 20 온라인카지노 personnel, in one of the most bloody confrontations between the border troops of two sides since the 1972 war.
China had expressed concerns over India's decision to ban 59 apps developed by Chinese firms and stressed that New Delhi has a responsibility to uphold the legal rights of international investors including Chinese.
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(With ANI Inputs)
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