The logo of TikTok’s parent company ByteDance is seen at its booth during an organised media tour to the Zhongguancun National Innovation Demonstration Zone Exhibition Center in Beijing, China February 10, 2022. REUTERS/Florence Lo/File Photo
The reasons for the losses are unknown, but Zhang is still the second-richest entrepreneur in the world under the age of 40, with wealth valued at $37 billion, according to statistics published by the Chinese firm Hurun. The app is the most valuable start-up globally, with a market capitalisation of $200 billion, according to Hurun.
Critics say TikTok allows Chinese authorities access to global user data — allegations the firm has vehemently denied.
Source: News Formal (newsformal.com)
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