Tiktok Parent Company ” ByteDance” could suffer from loss over 45000 Crores because of the ban of Tiktok in India. The ministry of information and technology ban 59 Chinese App in India including UC Browser, Share IT, Xender, We chat, and more. The report says that the ByteDance could lose up to USD 6 billion because of the Indian government’s decision to ban the ByteDance short video platform and other apps also.
It is expected that India’s digital strike on 59 Chinese Apps may result in over 45000 Crores. The App was first launched in China in 2015, At that time it is known as Musical.ly after that ByteDance bought Musical.ly for $800 million and renamed it to TikTok.
TikTok CEO Justification
Kevin Mayer ( CEO of Tiktok) said “I can confirm that the Chinese government has never made a request to us for the app data of Indian users, we do receive such a request in the future we would not comply,” to assure the Indian government. The company also said their data is stored in Singapore anyway which is beyond the reach of Beijing.
Along with Tiktok, the Government of India banned 58 more Chinese Apps under Section 69A of the Information Technology Act.
Ravi Shankar Prasad (minister of law and justice of India) justified the decision saying “For safety, security, defense, sovereignty & integrity of India and to protect data & privacy of people of India the Government has banned 59 mobile apps”.
The Government move to ban Chinese apps is necessary, as these apps don’t ensure the privacy of users and India is one of the favorable markets for them and this act will teach them a lesson for sure.