Reuters reveals China’s Bytedance says India TikTok ban causing $500,000 daily loss, risks job

Reuters reported exclusively that India’s ban on popular Chinese video app TikTok is resulting in "financial losses" of up to $500,000 a day for its developer, Beijing Bytedance Technology Co, and has put more than 250 jobs at risk. Bytedance, which is backed by Japan’s SoftBank Group Corp and by private equity, is one of the world’s most valuable startups, potentially worth around $75 billion. It was considering a public listing in Hong Kong this year, Reuters has reported.