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TikTok parent ByteDance ready to leave China in order to save global business

TikTok headquarters may be moved out of China as part of a corporate restructuring planned by owner ByteDance
Jul 10, 2020 / 11:57 AM IST

TikTok owner ByteDance is reportedly considering corporate restructuring including shifting the headquarters of the video-sharing app operations out of China, as the appearance of close associations with China is hurting business.

The move is believed to have been prompted by rising anti-China sentiment in India which has already banned the app, and in the United States where the US Secretary of State Mike Pompeo has hinted at a similar ban, The Economic Times reported quoting The Wall Street Journal.

“ByteDance is evaluating changes to the corporate structure of its TikTok business,” the company told the paper, adding that it was considering “the best path forward.”

India banned multiple Chinese apps as border tensions escalated and calls to boycott Chinese products grew louder in the country. Indian and Chinese troops clashed in Galwan Valley, Ladakh near the Line of Actual Control (LAC) in June. The scuffle killed 20 Indian army personnel.

The corporate restructuring is said to be under discussion by senior executives and includes proposals such as a new headquarters for the app outside China and the formation of a new management board.

“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. We will move forward in the best interest of users, employees, artists, creators, partners, and policymakers,” it added.
Moneycontrol News
first published: Jul 10, 2020 11:57 am
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