Last week India banned 59 apps from Chinese developers including TikTok. The ban means big losses for ByteDance and influencers.
As Forbes reported;
“ByteDance has invested more than $1 billion to build its vast Indian user base, and now faces losses of as much as $6 billion, as hundreds of millions of users are cut off.”
The latest hit to TikTok came on Monday night from the US Secretary of State. TechCrunch reported that the US is “certainly looking at” banning the app over security concerns.
In the latest move, the app pulled out of Hong Kong. So far their efforts to distance themselves from China aren’t really paying off. It remains to be seen if their political struggles will curb their seemingly unstoppable revenue growth.
TikTok’s absence in India is helping other platforms fill in the gap with their clone apps as TechCrunch reported.