Questions over TikTok’s ownership as US takeover draws near:Why is the app’s owner ByteDance so integral to the US economy?

The popular social media app TokTok is hogging the limelight these days regarding who is going to own its US business. Earlier, US President Donald Trump had stated that Chinese President Xi Jinping had approved the TikTok deal according to which the majority of the video-sharing platform’s US business would be owned by American companies. In such a scenario, with the ownership structure of the entertainment app raising uncertainty, lets decode who actually owns TikTok! Ownership Structure of ByteDance: The ownership structure of ByteDance (the company that owns TikTok) is complex and not entirely transparent. Here’s a breakdown of what is publicly known: The ownership of TikTok has been a source of controversy, primarily due to concerns about data security and potential censorship: TikTok’s global headquarters are in Los Angeles and Singapore. History of TikTok: Albeit, ByteDance was founded in 2012 by a team led by Yiming Zhang and Rubo Liang. TikTok came into existence only in 2017 after the parent company tasted initial success with the launch of other products. Since then, TikTok has become a global entertainment platform contributing heavily to global economies. Lets see how much TikTok contributes to GDP of different economies: