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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, 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.
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.
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.
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 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.
TikTok and WeChat blocking decrees should enter into force on September 20, but the judge decided to issue a preliminary injunction to block WeChat in the United States.