US antitrust bill expanded to include TikTok, Tencent’s WeChat

20/1/2022 6:49:00 AM

Tech: US antitrust bill expanded to include TikTok, Tencent’s WeChat - Bloomberg

Tech: US antitrust bill expanded to include TikTok, Tencent’s WeChat - Bloomberg

(Jan 20): A technology-focused antitrust bill set to be considered by a US Senate committee Thursday will be expanded to include China’s two largest social media companies — a change that seeks to address criticism that the legislation would give an advantage to foreign digital firms. The bill’s criteria for a covered platform will be expanded to include companies that have 1 billion worldwide monthly users or US$550 billion in net annual sales, in addition to the existing US$550 billion

(Jan 20): A technology-focused antitrust bill set to be considered by a US Senate committee Thursday will be expanded to include China’s two largest social media companies — a change that seeks to address criticism that the legislation would give an advantage to foreign digital firms.

The bill’s criteria for a covered platform will be expanded to include companies that have 1 billion worldwide monthly users or US$550 billion in net annual sales, in addition to the existing US$550 billion market capitalisation-threshold. These new criteria would capture ByteDance Ltd’s TikTok and Tencent Holdings Ltd’s WeChat.

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A (Jan 20): A technology-focused antitrust bill set to be considered by a US Senate committee Thursday will be expanded to include China’s two largest social media companies — a change that seeks to address criticism that the legislation would give an advantage to foreign digital firms.Telegram channel for the latest updates.Five reasons Microsoft is making Activision Blizzard its biggest deal ever FILE PHOTO: The ByteDance logo is seen in this illustration taken, Nov.A BEIJING (Jan 19): TikTok owner ByteDance is shrinking its investment team and dissolving a subgroup focused on financial returns in response to regulatory crackdowns in China, three sources familiar with the matter said on Wednesday.

The bill’s criteria for a covered platform will be expanded to include companies that have 1 billion worldwide monthly users or US$550 billion in net annual sales, in addition to the existing US$550 billion market capitalisation-threshold. These new criteria would capture ByteDance Ltd’s TikTok and Tencent Holdings Ltd’s WeChat.004 miliion) seized from a North Korean bank, court records showed. A Tencent spokesperson declined to comment, while representatives for ByteDance didn’t immediately respond to a request for comment. ByteDance will disband its group-level strategic investment team and move employees to the six business units, including TikTok and its Chinese version Douyin, that it created in October in a major organisational reshuffle. TikTok is ByteDance’s most popular global service. His parents, Cynthia and Frederick Warmbier, sued North Korea for the alleged torture and murder of their son, with a US judge ordering Pyongyang to pay them US$501 million in 2018. It has captivated teenagers from the US to Southeast Asia, while Tencent’s WeChat is the go-to lifestyle, payments and social media platform for upwards of a billion people — mostly in China. ByteDance's six business units, which it created in October in a major organisational reshuffle, include TikTok and its Chinese version Douyin.

The legislation, which would prohibit so-called gatekeeper companies from giving an advantage to their own products on their platforms, already applies to Apple Inc, Amazon. Last week, Judge Lawrence Kahn of the Northern District Court of New York approved the seizure of the funds from North Korea’s Korea Kwangson Banking Corporation after they failed to respond to a forfeiture order. ByteDance's latest high-profile investment includes its $4 billion acquisition of Shanghai-based gaming studio Moonton Technology last year.com Inc, Meta Platforms Inc and Alphabet Inc’s Google. The US technology giants have warned that the bill would place burdensome restrictions on American innovation, risk user privacy and security by opening some platform functions to competitors and damage products that are popular with consumers.41, plus any accrued interest thereon,” said the order, seen by AFP. The Senate Judiciary Committee will consider the bill on Thursday. A similar version already passed the US House Judiciary Committee, but has yet to get a floor vote in the full House. He was pulled away from his group at Pyongyang airport and charged with crimes against the state for allegedly taking down a propaganda poster. Moonton is best known in Southeast Asia for its online game Mobile Legends.

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