This article is about who owns TikTok. TikTok is one of the most popular social media apps in the world, with over 2.6 billion downloads and 1 billion monthly active users.
Who Owns TikTok?
TikTok was created by ByteDance, a Chinese internet company founded in 2012 by Zhang Yiming. ByteDance launched Douyin, the Chinese version of TikTok, in 2016. Douyin quickly gained popularity among young users in China, who used it to create and share short videos of themselves lip-syncing, dancing, or performing comedy sketches.
TikTok is owned by ByteDance, a private company headquartered in Beijing. ByteDance is one of the most valuable startups in the world, with an estimated valuation of $300 billion as of September 2022. ByteDance operates multiple apps across the globe, including Helo (an Indian social media platform), Vigo Video (a short video app), Lark (a productivity app), and more.
However, TikTok's ownership has also been a source of controversy and scrutiny in recent years. Due to its Chinese origin and ties to ByteDance, TikTok has faced accusations of being a national security threat by some governments, especially the US. In 2020. former US President Donald Trump issued an executive order that aimed to ban TikTok from operating in the US unless it was sold to an American company. Trump claimed that TikTok posed a risk of collecting personal data from American users and sharing it with the Chinese government.
TikTok denied these allegations and sued the US government for violating its due process rights. TikTok also stated that it stored US user data on servers in the US and Singapore, not China. Furthermore, TikTok said that it had partnered with Oracle Cloud to provide secure cloud services for its US operations.
In September 2020. ByteDance announced that it had reached a tentative deal with Oracle and Walmart to create a new entity called TikTok Global that would oversee TikTok's US business. The deal would give Oracle and Walmart a combined 20% stake in TikTok Global, while ByteDance would retain 80%. However, the deal was not finalized before Trump left office in January 2021.
Since then, the Biden administration has put the deal on hold and launched a broader review of the national security risks posed by Chinese-owned apps like TikTok. As of November 2021. TikTok remains operational in the US under ByteDance's ownership.
What are the Future Plans of TikTok?
Despite the legal and political challenges it faces, TikTok continues to grow and innovate in the social media space. TikTok has launched new features and initiatives to enhance its user experience and expand its market share. Some examples are:
- TikTok Creator Fund: A $200 million fund that pays eligible creators for their content on TikTok.
- TikTok For Business: A platform that helps brands and marketers reach and engage with TikTok's audience through various advertising solutions.
- TikTok LIVE: A feature that allows users to stream live videos and interact with their fans in real time.
- TikTok Spotlight: A program that supports emerging musicians and artists by providing them with exposure and resources on TikTok.
- TikTok Resumes: A pilot program that allows users to apply for jobs using their TikTok videos as resumes.
TikTok also plans to explore new areas and opportunities, such as e-commerce, gaming, education, and social good.
Bottom Line
In this article, we have discussed who owns TikTok. TikTok's vision is to become a platform that inspires creativity and brings joy to its users and the world.
