TikTok parent company ByteDance set to leave China to save global business
TikTok owner ByteDance is reportedly considering corporate restructuring including shifting the headquarters of the video-sharing app operations out of China, as the appearance of close associations with China is hurting business.
The move is believed to have been prompted by rising anti-China sentiment in India which has already banned the app, and in the United States where the US Secretary of State Mike Pompeo has hinted at a similar ban, The Economic Times reported quoting The Wall Street Journal.
"ByteDance is evaluating changes to the corporate structure of its TikTok business," the company told the paper, adding that it was considering "the best path forward."
India banned multiple Chinese apps as border tensions escalated and calls to boycott Chinese products grew louder in the country. Indian and Chinese troops clashed in Galwan Valley, Ladakh near the Line of Actual Control (LAC) in June. The scuffle killed 20 Indian army personnel.
Tags tiktok ByteDance