ByteDance, the parent company of TikTok could lose over Rs 45,000 crore because of the ban imposed by India. This has stated by China’s state-run media The Global Times this week. The report says, banning of platforms like Helo and TikTok could severely hit the business for ByteDance.
As per industry reports, TikTok counts India as one of its biggest market outside of China. The Indian government decided to ban over 59 apps earlier this week, including TikTok. And the publication says, this will have dealt a big blow to Chinese traders and investors in the market. “What the Indian government and people have done has dealt a severe blow to the confidence of Chinese investors and traders. And the Indian economy could remain subdued for a protracted time under the devastating shocks from the coronavirus outbreak.”
We’re not sure how it has managed to quote losses for ByteDance at Rs 45,000 crore figure. The company has thrived with the platform which has been a hit with other parts of the country. It has also been a source of livelihood for many, who’re seeking newer pastures to earn their living.