“Source: BusinessToday.in”
Bytedance pegged financial losses at $500,000 each day due to Indian government’s ban on TikTok app, which it said includes destruction in the value of its investments and loss of commercial revenue.
Indian government’s ban on Chinese video app TikTok is causing “financial losses” of up to $500,000 a day for its developer, Beijing Bytedance Technology Co. The prohibition has also put more than 250 jobs at risk, the company said in a court filing.
“The constitutionally guaranteed fundamental rights of free speech and expression of numerous Indian citizens have been severely impacted,” the company said in its filing, Reuters reported.
Bytedance pegged financial losses at $500,000 each day, which it said includes destruction in the value of its investments and loss of commercial revenue. It added the ban would result in its reputation and goodwill taking a hit with both advertisers and investors.