TikTok CEO slams 'another copycat product' from Facebook in antitrust post

TikTok CEO slams 'another copycat product' from Facebook in antitrust post

TikTok CEO slams 'another copycat product' from Facebook in antitrust post

Earlier in the day, treasury secretary Steve Mnuchin said that the United States government was carrying out a national security review on TikTok and that his department would advise Trump what, if any, action he should take against it later this week. Unlike Google's YouTube which requires creators to have more than 1,000 subscribers and over 4,000 hours of watch time during the past 12 months to monetize their videos, TikTok has operated more like the Facebook-owned Instagram app.

TikTok spokeswoman Jamie Favazza said the company's growing USA team has no higher priority than promoting a safe app experience that protects users' privacy. Snap's value indicates that it is trading at 15 times estimated 2020 revenue. The world's most valuable startup is trying to stave off a possible blacklisting that would cripple its growth, and exploring options such as a sale of TikTok to American investors.

"As we gear up to officially become the Democratic nominee, we took a moment to ensure that the policies of our campaign represent the highest ethical standards", Bill Russo, a spokesperson for the campaign, told Bloomberg.

While ByteDance is also a private company, one of its shareholders sold a small stake in the firm earlier this year based on a valuation of $140 billion. It is not clear what such a deal would be worth and what ties TikTok in the United States would maintain with its global operations.

China has no intention to nor will it intervene in the USA election, a spokesperson of China's Ministry of Foreign Affairs said at a daily news conference on Wednesday. It is pushing ahead with structural changes that will further ringfence the US business of TikTok from its global empire, the sources added. "For example, China is building its own version of the internet focused on very different ideas, and they are exporting their vision to other countries".

The committee has the power to force companies to unwind deals or put in place measures to protect USA national security.

'Millions of American families use TikTok for entertainment and creative expression, which we recognize is not what federal government devices are for, ' she said. The House of Representatives has already voted for a similar measure.

Last week, White House economic advisor Larry Kudlow said that decoupling TikTok from ByteDance and making it an independent American company could be a possible option for the app to escape a US ban. TikTok's parent company, ByteDance, is based in China.

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