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ByteDance is a Beijing-based Chinese Internet technology company founded in March 2012 by Zhang Yiming. It is known for operating a group of machine-learning-enabled social media platform, such as TikTok, Helo, Vigo Video, Douyin (the Chinese version of TikTok), BaBe, and Huoshan. As of May 2020, ByteDance is reportedly worth $100 billion. ByteDance is a direct competitor to other Chinese giants, including Alibaba, Baidu, and Tencent.

ByteDance Chooses Shutdown Over Sale for TikTok in the U.S. Amid Legal Challenges

According to sources familiar with the matter, ByteDance is not considering the sale of TikTok because the algorithms central to the app's operation are deemed integral to the company’s global strategy.

U.S. House Passes Bill That Could Ban TikTok Over National Security Concerns

This legislation, known as "Protecting Americans from Foreign Adversary Controlled Applications Act," aims to safeguard American citizens from apps influenced by adversarial nations.

TikTok Will Pay $92 Million to Settle U.S. Data Privacy Lawsuits

ByteDance, the owner of TikTok, has agreed to pay $92 million in a class action settlement in the U.S. state of Illinois. The money will be distributed among about 20 plaintiffs. The terms of the deal are yet to be approved by the court.

India Permanently Banned TikTok and 58 Other Chinese Apps

In 2019, ByteDance planned to invest about $1 billion into financing its operations in India. However, last year, India’s government blocked TikTok and about 100 other apps that were developed in China.

TikTok Owner ByteDance Launched Its Own Payment Service

ByteDance acquired a payment license when it bought a payments solution provider called Wuhan Hezhong Yibao Technology in 2020. The license allows Douyin to offer payment features.

ByteDance Shuts Down the Development of Its Smartphones

In 2019, ByteDance announced plans to develop its own smartphone. The Chinese company acquired some of Smartisan's patents and employed several of its staff members, but the idea of creating its own smartphone was abandoned.

Judge Halts the Trump Administration's Attempt to Ban TikTok Downloads in the U.S

Judge of the U.S. District Court in Washington, D.C., temporarily granted a preliminary injunction to TikTok in four hours before the ban was to take effect.

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