TikTok owner Bytedance is now the world's most valuable startup
A new $3 billion round of investment led by SoftBank has crowned China's Bytedance the world's most valuable startup, Bloomberg reports. Bytedance, the owner of popular karaoke video app TikTok and huge Chinese news aggregator Toutiao, is now valued at $75 billion, which takes it past Uber's most recent figure of $72 billion.
Uber is reported to be considering an IPO for next year that would value it at $120 billion, but for now Bytedance is on top, which is a huge achievement for a company that until recently had very little presence outside China. TikTok, which was acquired as Musical.ly and merged into Bytedance's own Douyin service as TikTok, is a major sensation among teens in the West, and has apparently already achieved the social media rite of passage of having Facebook attempt to clone it.
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India bans TikTok, WeChat and dozens more Chinese apps
India's government has banned TikTok and dozens more Chinese-made apps it says are a danger to the country. In a statement, it said the apps were "prejudicial to sovereignty and integrity of India, defence of India, security of state and public order". In total, 59 different apps were banned - including popular messaging app WeChat.
It follows weeks of escalating tensions along the disputed border between the two countries. Both India and China deployed more troops to the Ladakh region in June, and minor clashes have left at least 20 Indian troops dead. Satellite images also appear to show that China has built new structures overlooking the Himalayan border region.
India's Ministry of Information Technology said it was banning the 59 Chinese apps after receiving "many complaints from various sources" about apps that were "stealing and surreptitiously transmitting users' data in an unauthorised manner".
Previously: Bytedance: The World's Most Valuable Startup
Lawmakers Ask US Intelligence to Assess If TikTok is a Security Threat
Related: Indian Government Orders ISPs to Block 857 Porn Websites
China is Ramping up its Media Abroad – and Not Just in Chinese
Indian Court Orders YouTube, Facebook, and Twitter to Block "Defamatory" Video Worldwide
[20200803_012617 UTC UTC Update 2:]
tl;dr version: Trump threatened to ban TikTok. Then Microsoft said it was in talks to buy TikTok. Then Microsoft said the talks were in doubt after Trump's threats. Now, Microsoft is "continuing discussions."
Microsoft to continue discussions on TikTok purchase after talking to Donald Trump:
After reports US President Donald Trump is considering an order to force Beijing-based tech company ByteDance to divest ownership of popular social-video app TikTok, Microsoft has announced it will be "continuing discussion" on a potential purchase of TikTok after a conversation between Microsoft CEO Satya Nadella and the President.
"Microsoft fully appreciates the importance of addressing the President's concerns," said Microsoft, in a statement. "It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury.
[20200802_144217 UTC Update 1; added:]
Microsoft pauses talks on TikTok US deal - reports:
A possible sale of Chinese-owned TikTok's US operations to Microsoft is reportedly on hold after Donald Trump vowed to ban the video-sharing app.
A sale was thought close to agreement, but was put in doubt after the US president's warning on Friday.
The Wall Street Journal said Microsoft had now paused talks despite TikTok owner ByteDance making last ditch efforts to win White House support.
It comes amid criticism of Mr Trump's threat as an attack on free speech.
[...] Late on Friday, Mr Trump told reporters aboard Air Force One: "As far as TikTok is concerned we're banning them from the United States."
[Original story follows.--martyb]
TikTok: Trump says he will ban Chinese video app in the US
President Donald Trump has announced he is banning the Chinese-owned video-sharing app TikTok in the US.
He told reporters he could sign an executive order as early as Saturday.
US security officials have expressed concern that the app, owned by Chinese firm ByteDance, could be used to collect the personal data of Americans.
[...] Microsoft has reportedly been in talks to buy the app from ByteDance, but Mr Trump appeared to cast doubt that such a deal would be allowed to go through. If the deal went ahead reports say it would involve ByteDance shedding TikTok's US operations.
TikTok plans to sue Trump administration over US ban
TikTok plans to sue the Trump administration over its executive order banning transactions between U.S. companies and the popular video-sharing app as well as its Chinese parent company, ByteDance.
"Even though we strongly disagree with the Administration's concerns, for nearly a year we have sought to engage in good faith to provide a constructive solution," a TikTok spokesperson told The Hill. "What we encountered instead was a lack of due process as the Administration paid no attention to facts and tried to insert itself into negotiations between private businesses," the spokesperson continued. "To ensure that the rule of law is not discarded and that our company and users are treated fairly, we have no choice but to challenge the Executive Order through the judicial system," the spokesperson added.
Also at NYT and Business Insider.
Previously: Bytedance: The World's Most Valuable Startup
Lawmakers Ask US Intelligence to Assess If TikTok is a Security Threat
TikTok and 53 Other iOS Apps Still Snoop Your Sensitive Clipboard Data
India Bans TikTok, WeChat, and Other Chinese-Owned Apps
President Trump Threatens TikTok Ban, Microsoft Considers Buying TikTok's U.S. Operations[Updated 2]
TikTok: Trump Will Prohibit Transactions with Bytedance Beginning September 20
US will ban WeChat and TikTok downloads on Sunday
The Commerce Department plans to restrict access to TikTok and WeChat on Sunday as the Trump administration's executive orders against the two apps are set to take effect.
The Department said Friday that as of Sunday, any moves to distribute or maintain WeChat or TikTok on an app store will be prohibited. Apple and Google didn't immediately respond to requests for comment.
While users who have already downloaded the apps may be able to continue using the software, the restrictions mean updated versions of the apps cannot be downloaded.
The restrictions targeting WeChat are more extensive. Beginning Sunday, it will be illegal to host or transfer internet traffic associated with WeChat, the Department said in a release. The same will be true for TikTok as of Nov. 12, it said. (The Trump administration is currently weighing a proposal involving ByteDance, TikTok's Chinese parent, and Oracle, designed to resolve the administration's national security concerns related to TikTok; the deadline for a deal is Nov. 12.)
(Score: 4, Insightful) by Gaaark on Monday October 29 2018, @10:52AM (3 children)
3...2...1...
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 2) by aiwarrior on Monday October 29 2018, @11:07AM (1 child)
Amazon is not a bubble. They do not provide a basic web portal and karaoke songs.
This is very bubly and ridiculous.
(Score: 2) by ikanreed on Monday October 29 2018, @02:22PM
Amazon is certainly part of the bubble.
(Score: 0) by Anonymous Coward on Monday October 29 2018, @11:37AM
Why do gooood girls like baaaaaad guys? [youtube.com]
(Score: 2) by All Your Lawn Are Belong To Us on Monday October 29 2018, @03:12PM
Or as popular as AOL or Compuserve?
This sig for rent.
(Score: 2) by nitehawk214 on Tuesday October 30 2018, @04:06PM
They are responsible for a constant stream of spam across the internet. All TikTok does is grab other peoples videos, slap their watermark on them, and spam them to social media.
3 billion? Investing in pure hype with no substance. Seems standard practice.
"Don't you ever miss the days when you used to be nostalgic?" -Loiosh