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by Rama Patnaik on 2020-07-03T15:06:00+05:30 | 0 Comments

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TikTok owner predicts over $6 billion in losses from India apps ban, sources say

Chinese tech unicorn ByteDance Ltd., owner of the hugely popular short video app TikTok, is anticipating a loss of more than $6 billion after three of its apps were banned in India early this week, sources close to the company’s senior management told Caixin Wednesday.

That amount is most likely more than the combined losses for all the other Chinese companies behind the other 58 apps banned in India, the sources said.

ByteDance became one of China’s latest homegrown technology companies to run into growing resistance from foreign governments wary of perceived ties to Beijing and concerned about protecting user data. On Monday, India announced an unprecedented ban on national security grounds on the use of 59 China-developed apps in the domestic market.

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