Chennai: The government of 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.
‘The loss of Chinese internet company, Byte Dance, mother company of TikTok could be as high as USD 6 billion after the Indian government banned 59 Chinese apps, including Tik Tok following a deadly border clash between India and Chinese troops last month,’ said a ‘Global Times’ report, citing sources.
Quoting another source, the report said that in the past few years, the company had invested more than USD 1 billion in the Indian market, and the ban could virtually halt its business there, causing a loss as high as USD 6 billion.
‘The Global Times’ report added that 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 Indian market.
Another app called Vigo Video, which is also on the list, is also from the company.