EXCLUSIVE: China's Bytedance says India’s ban on popular video app TikTok is causing $500,000 daily loss, risks jobs by AdityaKalra MunsifV
NEW DELHI - India’s ban on popular Chinese video app TikTok is resulting in “financial losses” of up to $500,000 a day for its developer, Beijing Bytedance Technology Co, and has put more than 250 jobs at risk, the company said in a court filing seen by Reuters.
Earlier this month, an Indian state court ordered the federal government to prohibit its downloads, saying the app was encouraging pornography. Acting upon instructions from the federal IT ministry, Apple Inc and Alphabet Inc’s Google last week removed TikTok from their India app stores. In the filing made to India’s Supreme Court on Saturday, Bytedance urged the court to quash the ban and direct the federal IT ministry to tell companies such as Google and Apple to make the app available again on their platforms.Bytedance pegged financial losses at $500,000 each day, which it said includes destruction in the value of its investments and loss of commercial revenue. It added the ban would result in its reputation and goodwill taking a hit with both advertisers and investors.
Memes and music videos thrive on TikTok, although some clips show youngsters, some scantily clad, lip-syncing and dancing to popular tunes.
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