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TikTok facing $500,000 daily loss after getting ban in India: Report
TikTok facing huge loss after getting banned from India, according to the latest report.
India has recently banned one of the most popular videos sharing app TikTok in the country. Now the latest report from Reuter has surfaced on the web that the app company is facing a financial loss of up to $500,000 per day. The report has quoted the court filing of the company, it also suggests that this will put more than 250 jobs at risk.
Just in case you don't know, TikTok is a video-sharing app which allows users to create short videos along with special effects, dubbing, and more. The app has achieved around 300 million downloads in India, and globally it has crossed the mark of 1 billion downloads. The number is quoted as per analytics firm Sensor Tower.
At the beginning of this month, the federal government received orders from the state court to ban the downloads of the popular app TikTok on the grounds of encouraging pornography and addiction. After the instruction from the federal IT ministry, Apple and Google removed the app from their App Stores.
"The developments have dealt a blow to the India growth plans of Bytedance, which is backed by Japan's SoftBank Group Corp and by private equity. Bytedance, one of the world's most valuable startups potentially worth around $75 billion, was considering a public listing in Hong Kong this year", sources told Reuters.
The report suggests that Bytedance requested India's Supreme Court to lift the ban from the app and ask Google and Apple to make the TikTok app available on app stores. Let's see what the Supreme Court is going to do in this matter.