Who Owns TikTok Now: Who actually owns TikTok?
As the popularity of TikTok has skyrocketed, so have speculations about its ownership. Recently, a group of African-American creators on the app announced they were going on strike to protest the unfair use and misappropriation of their work by white people without approval.
It was recently reported that both Oracle and Walmart are in the lead to buy TikToks U.S. operations, however, these plans have been abandoned indefinitely as all attention is focused on China at this time. Deeming the app vulnerable, former US president Barack Obama raised questions about whether or not TikTok would soon be over.
However, recent updates have hinted at a new future for the app that seems brighter than before. Let’s find out all about Who Owns TikTok Now.
Who Owns TikTok Now?
Zhang Yiming is the current owner of TikTok, and his company ByteDance holds all authority. The app enjoyed major success which surpassed several high-profile startup giants as well.
The popular app had reached over 200 million users by 2017, with millions of followers using the app daily. Later, ByteDance bought Musical.ly back in 2017 for $1billion. Whether or not TikTok will continue to exist remains a question. Worldwide developments in the app’s ownership are raising concerns about its position, and some people are even accusing it of being banned outright.
Why Is TikTok’s Ownership Under Question?
These serious concerns about TikTok’s safety have grown over the last few months. The former US President Donald Trump, frustrated with TikTok’s owner Bute Dance and their refusal to sell out to an American company, threatened a ban of the video app in order to prevent its user data from being compromised. These concerns are greater as millions of users on TikTok has vehemently denied any such rumors about handing over U.S. data to Chinese officials if asked for, with their servers being located in a different country altogether. TikTok is an app that faced some public complications and took to social media to make things clear about their comeback.
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Recently, the Black creators on TikTok have started voicing their concerns about how they are treated in the app. This led to a larger discussion about ownership, compensation, and equity in this new digital economy. Black creators and creators of color are frustrated with the company ByteDance, which controls TikTok. These creators have made TikTok popular but believe that their contributions are not being acknowledged by ByteDance.
What Is The Current Situation Of TikTok?
While TikToks owner, billionaire Zhang Yiming, recently announced his departure as the CEO of Byte Dance and has left the future of the app unclear, he assures byte dance users that he will not sell it to an American company. Due to former President Donald Trump’s 90 day deadline for selling it off to a domestic buyer or submit ownership
TikTok’s newest announcement provides followers access to all of Universal Music Group’s music catalogs. For a while now, there has been speculation about the ownership of TikTok. The White House Press Secretary recently issued a statement promising that they will be addressing these issues in the coming days.
