After facing intense scrutiny in United States and in India, the parent company of video sharing app TikTok, ByteDance is considering changing the corporate structure of the app, reports Economic Times.
As per the report, the senior level executive in the Chinese Internet giants is mulling options such as creating a new management board for TikTok or establishing a headquarters for the app outside of China to distance the app’s operations from the country.
“As we consider the best path forward, ByteDance is evaluating changes to the corporate structure of its TikTok business. We remain fully committed to protecting our users' privacy and security as we build a platform that inspires creativity and brings joy for hundreds of millions of people around the world,” TikTok was quoted as saying in the ET report.
It was reported earlier that the Narendra Modi government's retaliatory ban on 59 Chinese app in response to the latter's unprovoked aggression along the Line of Actual Control (LAC) would potentially cause a loss of $6 billion to ByteDance.
Additionally, after India banned TikTok over national security concerns, the United States also restricted the users' access of the Chinese short-video sharing app in the country.
Just recently, Facebook-owned Instagram announced the extension of the testing of Reels which allows users to record, edit and share short multi-clip videos, to India. The announcement was made to capitalise on the huge vacuum for the 15-second videos in the Indian Internet space created due to the banning of TikTok.
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