TikTok & Parent ByteDance Files Lawsuit Against United States Government for Banning or Requiring Mandatory Divestment of Popular Social Media Video Platform TikTok, Violates United States First Amendment Which Protects Free Exercise & Speech, TikTok Used by 170 Million Americans with Deadline on 19th January 2025 with Possible 3 Months Extension
10th May 2024 | Hong Kong
TikTok & parent ByteDance have filed a lawsuit against the United States government for banning or requiring mandatory divestment of popular social media video platform TikTok, violating United States First Amendment. (The First Amendment provides that Congress make no law respecting an establishment of religion or prohibiting its free exercise. It protects freedom of speech, the press, assembly, and the right to petition the Government for a redress of grievances). In April 2024, the United States Senate has passed a legislative bill to ban or require mandatory divestment of popular social media video platform TikTok used by 170 million Americans with the deadline on 19th January 2025 (with possible 3 months extension). China Tiktok parent Bytedance has been reported to be preferring to shutdown the app in United States if lawsuits fail to overturn United States ban or mandatory divestment ruling. In 2023 December, China TikTok ByteDance completed the business combination & acquisition of 75.01% shareholding (31/1/24) in Indonesia GoTo e-commerce business Tokopedia for $1.5 billion including additional investment & merging TikTok Shop. Online shopping TikTok Shop was banned in Indonesia for data privacy & protection of smaller merchants. In May 2024, China TikTok ByteDance fired 61 employees in corruption crackdown including for bribery, conflict of interest & information security. China security authorities had filed criminal cases against 4 ex-employees of ByteDance.
“ TikTok & Parent ByteDance Files Lawsuit Against United States Government for Banning or Requiring Mandatory Divestment of Popular Social Media Video Platform TikTok, Violates United States First Amendment Which Protects Free Exercise & Speech, TikTok Used by 170 Million Americans with Deadline on 19th January 2025 with Possible 3 Months Extension “
United States Bill of Rights – Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
- The First Amendment provides that Congress make no law respecting an establishment of religion or prohibiting its free exercise. It protects freedom of speech, the press, assembly, and the right to petition the Government for a redress of grievances.
- The Second Amendment gives citizens the right to bear arms.
- The Third Amendment prohibits the government from quartering troops in private homes, a major grievance during the American Revolution.
- The Fourth Amendment protects citizens from unreasonable search and seizure. The government may not conduct any searches without a warrant, and such warrants must be issued by a judge and based on probable cause.
- The Fifth Amendment provides that citizens not be subject to criminal prosecution and punishment without due process. Citizens may not be tried on the same set of facts twice and are protected from self-incrimination (the right to remain silent). The amendment also establishes the power of eminent domain, ensuring that private property is not seized for public use without just compensation.
- The Sixth Amendment assures the right to a speedy trial by a jury of one’s peers, to be informed of the crimes with which one is charged, and to confront the witnesses brought forward by the government. The amendment also provides the accused the right to compel testimony from witnesses, as well as the right to legal representation.
- The Seventh Amendment provides that civil cases preserve the right to trial by jury.
- The Eighth Amendment prohibits excessive bail, excessive fines, and cruel and unusual punishments.
- The Ninth Amendment states that the list of rights enumerated in the Constitution is not exhaustive, and that the people retain all rights not enumerated.
- The Tenth Amendment assigns all powers not delegated to the United States, or prohibited to the States, to either the States or to the people.
China TikTok ByteDance Fired 61 Employees in Corruption Crackdown Including Bribery, Conflict of Interest & Information Security, China Security Authorities Had Filed Criminal Cases Against 4 Ex-Employees
3rd May 2024 – China TikTok ByteDance has fired 61 employees in corruption crackdown including for bribery, conflict of interest & information security. China security authorities had filed criminal cases against 4 ex-employees of ByteDance. In late April 2024, the United States Senate has passed a legislative bill to ban or require mandatory divestment of popular social media video platform TikTok used by 170 million Americans with the deadline on 19th January 2025 (with possible 3 months extension). China Tiktok parent Bytedance has been reported to be preferring to shutdown the app in United States if lawsuits fail to overturn United States ban or mandatory divestment ruling. In 2023 December, China TikTok ByteDance completed the business combination & acquisition of 75.01% shareholding (31/1/24) in Indonesia GoTo e-commerce business Tokopedia for $1.5 billion including additional investment & merging TikTok Shop. Online shopping TikTok Shop was banned in Indonesia for data privacy & protection of smaller merchants.
United States Senate Passes Legislative Bill to Ban or Require Mandatory Divestment of Popular Social Media Video Platform TikTok Used by 170 Million Americans with Deadline on 19th January 2025 with Possible 3 Months Extension, China TikTok ByteDance Prefers to Shutdown App in United States if Lawsuits Fail to Overturn United States Ban or Mandatory Divestment Ruling
28th April 2024 – The United States Senate has passed a legislative bill to ban or require mandatory divestment of popular social media video platform TikTok used by 170 million Americans with the deadline on 19th January 2025 (with possible 3 months extension). China Tiktok parent Bytedance has been reported to be preferring to shutdown the app in United States if lawsuits fail to overturn United States ban or mandatory divestment ruling. In 2023 December, China TikTok ByteDance completed the business combination & acquisition of 75.01% shareholding (31/1/24) in Indonesia GoTo e-commerce business Tokopedia for $1.5 billion including additional investment & merging TikTok Shop. Online shopping TikTok Shop was banned in Indonesia for data privacy & protection of smaller merchants.
China TikTok ByteDance Completes Business Combination & Acquisition of 75.01% Shareholding in Indonesia GoTo E-Commerce Business Tokopedia for $1.5 Billion Including Additional Investment & Merging TikTok Shop, Online Shopping TikTok Shop was Banned in Indonesia for Data Privacy & Protection of Smaller Merchants
1st February 2024 – China TikTok ByteDance has completed the business combination & acquisition of 75.01% shareholding (31/1/24) in Indonesia GoTo e-commerce business Tokopedia for $1.5 billion including additional investment & merging TikTok Shop. Online shopping TikTok Shop was banned in Indonesia for data privacy & protection of smaller merchants. In 2021, Indonesia’s largest technology companies Gojek and Tokopedia merged to form the GoTo Group, creating one of the largest technology company in Southeast Asia alongside SEA (originally Garena) and Grab. GoTo had IPO (Initial Public Offering, 11/4/22 ) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. GoTo market value is currently at $5.95 billion (13/12/23). In early December 2023, TikTok parent ByteDance was reported to be planning to spend $5 billion in share buyback from shareholders at $268 billion valuation. More info below:
China TikTok ByteDance Buys 75.01% Shareholding of Indonesia GoTo E-Commerce Business Tokopedia for $1.5 Billion Including Additional Investment & Merging TikTok Shop, Online Shopping TikTok Shop was Banned in Indonesia for Data Privacy & Protection of Smaller Merchants
13th December 2023 – China TikTok ByteDance has announced to buy 75.01% shareholding of Indonesia GoTo e-commerce business Tokopedia for $1.5 billion including additional investment & merging TikTok Shop. Online shopping TikTok Shop was banned in Indonesia for data privacy & protection of smaller merchants. In 2021, Indonesia’s largest technology companies Gojek and Tokopedia merged to form the GoTo Group, creating one of the largest technology company in Southeast Asia alongside SEA (originally Garena) and Grab. GoTo had IPO (Initial Public Offering, 11/4/22 ) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. GoTo market value is currently at $5.95 billion (13/12/23). In early December 2023, TikTok parent ByteDance was reported to be planning to spend $5 billion in share buyback from shareholders at $268 billion valuation. More info below:
TikTok Parent ByteDance to Spend $5 Billion in Share Buyback from Shareholders at $268 Billion Valuation, Previously Reported in October 2023 Share Buy-Back Exercise from Employees Valuation of $223.5 Billion Valuation at $160 Per Share, ByteDance2023 Q1 Profit Estimated at $6 Billion
7th December 2023 – TikTok parent ByteDance is planning to spend $5 billion in share buyback from shareholders at $268 billion valuation. In October 2023, ByteDance had been reported to be conducting a share buy-back exercise from employees, with valuation dropping from $300 billion to $223.5 billion valuation at $160 per share. ByteDance 2023 Q1 profit is estimated at $6 billion. In May 2023, ByteDance & TikTok founder Zhang Yiming with $43 billion fortune had setup a new investment company in Hong Kong. The new investment company is Cool River Venture HK with Zhang Yiming registered as the sole director, and the shareholder is Galaxy (Cayman Islands vehicle). Earlier in 2023 May, Zhang Yiming donated $29 million (CNY 200 million) to his hometown $72 million (CNY 500 million) education fund he created in 2021.
TikTok Parent ByteDance Stock Buy-Back Exercise from Employees Valuation Drops from $300 Billion to $223.5 Billion Valuation at $160 Per Share, ByteDance2023 Q1 Profit Estimated at $6 Billion
7th October 2023 – TikTok parent ByteDance stock buy-back exercise from employees valuation has dropped from $300 billion to $223.5 billion valuation at $160 per share. ByteDance 2023 Q1 profit is estimated at $6 billion. In May 2023, ByteDance & TikTok founder Zhang Yiming with $43 billion fortune had setup a new investment company in Hong Kong. The new investment company is Cool River Venture HK with Zhang Yiming registered as the sole director, and the shareholder is Galaxy (Cayman Islands vehicle). Earlier in 2023 May, Zhang Yiming donated $29 million (CNY 200 million) to his hometown $72 million (CNY 500 million) education fund he created in 2021.
ByteDance & TikTok Founder Zhang Yiming with $43 Billion Fortune Setup New Investment Company in Hong Kong, Cool River Venture HK with Zhang Yiming as Sole Director and Shareholder is Cayman Islands Vehicle Galaxy
26th May 2023 – ByteDance & TikTok founder Zhang Yiming with $43 billion fortune has setup a new investment company in Hong Kong. The new investment company is Cool River Venture HK with Zhang Yiming registered as the sole director, and the shareholder is Galaxy (Cayman Islands vehicle). Earlier in 2023 May, Zhang Yiming donated $29 million (CNY 200 million) to his hometown $72 million (CNY 500 million) education fund he created in 2021. More info below.
Billionaire Founder of TikTok & ByteDance with $43 Billion Fortune Zhang Yiming Donates $29 Million to His Hometown $72 Million Education Fund He Created in 2021
5th May 2023 – The billionaire founder of TikTok & ByteDance with $43 billion fortune Zhang Yiming has donated $29 million (CNY 200 million) to his hometown $72 million (CNY 500 million) education fund he created in 2021. The Longyan (Fujian Province, China) education bureau announced the donation, which will be used to support education on public welfare, vocational & art in Longyan city. The education fund is named “Fang Mei” (Zhang Yiming’s grandmothers).
ByteDance
ByteDance was founded in 2012 by a team led by Yiming Zhang and Rubo Liang, who saw opportunities in the then-nascent mobile internet market, and aspired to build platforms that could enrich people’s lives. The company launched Toutiao, one of its flagship products, in August 2012. It followed that success with the launch of Douyin in September 2016. Approximately a year later, ByteDance accelerated globalization with the launch of its global short video product, TikTok. It quickly took off in markets like Southeast Asia, signaling a new opportunity for the company. ByteDance acquired Musical.ly in November 2017 and subsequently merged it with TikTok. Today, the TikTok platform, which is available outside of China, has become the leading destination for short-form mobile videos worldwide. In support of its mission to Inspire Creativity and Enrich Life, ByteDance has made it easy and fun for people to connect with, create and consume content. People are also able to discover and transact with a suite of more than a dozen products and services such as TikTok, CapCut, TikTok Shop, Lark, Pico and Mobile Legends: Bang Bang, as well as products and services specific to the China market, including Toutiao, Douyin, Fanqie, Xigua, Feishu and Douyin E-commerce. ByteDance has over 150,000 employees based out of nearly 120 cities globally, including Austin, Barcelona, Beijing, Berlin, Dubai, Dublin, Hong Kong, Jakarta, London, Los Angeles, New York, Paris, Seattle, Seoul, Shanghai, Shenzhen, Singapore, and Tokyo.
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