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TikTok will not be sold, Chinese parent ByteDance tells US (www.bbc.com)

submitted 3 months ago by NightOwl@lemmy.ca to c/worldnews@lemmy.ml

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[-] protist@mander.xyz 18 points 3 months ago* (last edited 3 months ago)

I think this ban is completely agnostic re: content. The issue is more fundamental -- it's fully owned and operated by people in China. This is a geopolitical battle that is currently playing out across many industries. Social media grabs headlines where less sexy industry battles do not.

I think Tom Nicholas gives a great overview.

Also, fuck Ted Cruz with a 20 inch dildo. Don't take anything that sniveling carcass has to say seriously.

[-] davel@lemmy.ml 10 points 3 months ago* (last edited 3 months ago)

it’s fully owned and operated by people in China

US private equity firms own more than anyone. WSJ: What Is TikTok Worth? Some Say $20 Billion, Others Say $100 Billion

[ByteDance founder] Zhang owns 20% of ByteDance, according to the company, though super shares have given him larger voting rights. Roughly 60% of ByteDance is owned by global institutional investors including Carlyle Group, General Atlantic and Susquehanna International Group. The remaining 20% is owned by company employees.

The CEO is Singaporean Shou Zi Chew and the VP is American Michael Beckerman.