TikTok’s parent company, ByteDance is likely to lose $6 billion following Indian government decision to ban the TikTok in India along with 58 other Chinese apps citing threats to national security. The Chinese apps, Helo and Vigo Video which are also banned are owned by ByteDance.
According to a Chinese news media company – Global Times, “ByteDance has invested over $1 billion in the Indian market in the past few years”. It estimated ByteDance loss to be as much as $6 billion after its business being halted in India by Indian government decision which came after recent skirmishes between Indian and Chinese soldiers along the Line of Actual Control (LAC).
ByteDance loss is said to be more than the loss of other Chinese businesses combined whose apps are banned in India. Tiktok had a total of 200 million users in India. India’s share in total TikTok app downloads has been 44 per cent with about 323 million downloads alone during last year.
Tiktok is seeking to challenge the Indian government decision in court and has been preparing to submit clarifications to the government stakeholders on the matter.