TikTok Is Still Growing Faster than Facebook and Snapchat
ByteDance's TikTok, known as Douyin in China, became one of the world's most popular social media apps by attracting over 800 million monthly active users in just four years with its database of short, user-created videos.
But that meteoric growth has also attracted more scrutiny, with critics claiming the app gathers too much personal data, and that its Beijing-based parent company is subservient to the Chinese government. Those suspicions, exacerbated by heightened political tensions with China, caused India's government to ban TikTok in June, and the Trump administration to ban the app's use in the U.S. by Sept. 20 unless significant operational changes are made.
ByteDance previously held talks to sell the overseas version of its app to Microsoft (NASDAQ: MSFT) and Walmart but recently walked away from Microsoft's bid in favor of a partnership with Oracle (NYSE: ORCL). However, that deal hasn't been approved by the U.S. government yet, and the Chinese government is still trying to block the sale with new restrictions on apps with AI technologies.
Source Fool.com
