While there is precedent for the Chinese government to hold shares in tech firms, the news comes amid a surge in antitrust probes and new rules for the industry, upending a previously laissez-faire approach by authorities.Ī ByteDance representative said Beijing ByteDance Technology "only relates to some of ByteDance's China-market video and information platforms, and holds some of the licences they require to operate under local law. It is held by WangTouZhongWen (Beijing) Technology, which is owned by three Chinese state entities including a fund backed by the country's main internet watchdog, the Cyberspace Administration of China (CAC), government shareholder data shows. The 1% stake in Beijing ByteDance Technology, which holds some of the licenses for Douyin, the Chinese version of TikTok, as well as news aggregator Toutiao, was registered on April 30, according to corporate information app Tianyancha. politicians who are bent on saying anti-China comments with disregard of facts are “destined to be swept into the waste dumps of history”.Ĭorporate records show that the Chinese government took a stake and a board seat in a ByteDance entity this year - a move that raises questions over how much influence Beijing is planning to wield in a tech sector reeling under an onslaught of regulatory action. referenced has no ownership of TikTok."ĭismissing Rubio’s comments on TikTok as “political manipulation”, Chinese foreign ministry spokesman Zhao Lijian said at a daily press briefing that U.S. "TikTok is led by an executive team in the US and Singapore," TikTok said in a statement to Reuters, adding that "the China-based subsidiary of ByteDance Ltd. It did not respond to a request for comment. The Commerce Department is conducting a Biden-ordered review of security concerns posed by those apps and others. "We must also establish a framework of standards that must be met before a high-risk, foreign-based app is allowed to operate on American telecommunications networks and devices." needs to treat it that way," Rubio said in a statement. "Beijing’s aggressiveness makes clear that the regime sees TikTok as an extension of the party-state, and the U.S. The Biden administration in June withdrew a series of Trump-era executive orders that sought to ban new downloads of WeChat and TikTok. Oracle will become TikToks cloud provider and a minority investor with a 12.5 stake. Ironically, many of the company’s North American customers I’ve chatted with over the years seem to have at least partially opted for Pico headsets over Oculus hardware due to general weariness of Facebook’s data and ads-dependent business models, which they fear Oculus will eventually become a larger part of.WASHINGTON, Aug 17 (Reuters) - Republican Senator Marco Rubio urged President Joe Biden on Tuesday to block short-form video app TikTok in the United States after China took an ownership stake in a key subsidiary of ByteDance, the Beijing-based parent company of TikTok. Trump said he has given his blessing to a deal in which Oracle and Walmart would partner with TikTok in the U.S. With Pico finding its home now at ByteDance, two of the world’s largest virtual reality brands now reside inside social media companies. Pico may not hold the same name recognition as Oculus or HTC, but the company is a top VR hardware maker, selling to consumer audiences in China and enterprise customers in the Western world. Unlike Oculus, they have a substantial presence in China. Like Oculus, they create both hardware and software for their VR devices. Pico had raised some $62 million in venture funding from Chinese firms, including a $37 million Series B in March. The deal first reported on by Bloomberg last week was confirmed by the company on Monday, though ByteDance didn’t disclose a price tag for the deal. After taking over the mantle of most-downloaded social media app in the world with TikTok, ByteDance is coming for Facebook’s moonshot, buying up its own virtual reality headset maker called Pico. 20 deadline approaching for TikToks parent company to shed its United States operations, per an. TikTok parent company ByteDance seems to be looking to one-up Facebook anywhere it can. TikTok: Oracle beats out Microsoft for ByteDances U.S.
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