Tag: Tiktok founder

TikTok Could Get a Lifeline From Big Tech as a US Ban Looms
Technology

TikTok Could Get a Lifeline From Big Tech as a US Ban Looms

[ad_1] US tech companies are pushing to narrow the scope of legislation that could ban TikTok in the US, creating new obstacles as the Biden administration seeks to confront China's influence.The Information Technology Industry Council, which represents companies including International Business Machines Corp., Microsoft Corp. and Apple Inc., is among groups lobbying to narrow the legislation, according to people familiar with those conversations who asked not to be named discussing the politically sensitive issue. Companies that make both hardware and software are worried they could become ensnared by a Senate bill that's been gaining momentum and is aimed at TikTok, the Chinese-owned video app, the people said. The fierceness of the opposition may close down an opportunity for the Bid...
Founder of TikTok parent company lost $17 billion in 2022
Technology

Founder of TikTok parent company lost $17 billion in 2022

[ad_1] Zhang Yiming, the founder of TikTok parent company ByteDance, saw his personal fortune fall by $17 billion last year, according to a new Chinese ranking published Thursday.The reasons for the losses are unknown, but Zhang is still the second-richest entrepreneur in the world under the age of 40, with wealth valued at $37 billion, according to statistics published by the Chinese firm Hurun. Ahead of him is Mark Zuckerberg, boss of US tech giant Meta -- the owner of Facebook and Instagram -- whose fortune was estimated by Hurun at $68 billion. According to the ranking, Zuckerberg also lost money last year to the tune of $8 billion.Zhang co-founded ByteDance in Beijing in 2012, but resigned from the group in 2021 in the midst of regulatory tightening on China's tech industry.A Chine...