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Tik Tok Application

TikTok owner ByteDance is reportedly considering corporate restructuring including shifting the headquarters of the video-sharing app operations out of China, as the appearance of close associations with China is hurting business.

“As we consider the best path forward, ByteDance is evaluating changes to the corporate structure of its TikTok business. We remain fully committed to protecting our users' privacy and security as we build a platform that inspires creativity and brings joy for hundreds of millions of people around the world,” TikTok told EconomicTimes in a statement.

TikTok added that it will move forward in the best interest of its users, employees, artists, creators, partners, and policymakers.

It was reported earlier that the Narendra Modi government's retaliatory ban on 59 Chinese app in response to the latter's unprovoked aggression along the Line of Actual Control (LAC) would potentially cause a loss of $6 billion to ByteDance.

Additionally, after India banned TikTok over national security concerns, the United States also restricted the users' access of the Chinese short-video sharing app in the country.

Just recently, Facebook-owned Instagram announced the extension of the testing of Reels which allows users to record, edit, and share short multi-clip videos, to India. The announcement was made to capitalise on the huge vacuum for the 15-second videos in the Indian Internet space created due to the banning of TikTok.