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Delayed Quote. Delayed Nasdaq - 09/23 04:15:00 pm
1409.39 USD   -3.45%
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ByteDance founder defends TikTok's U.S. strategy in staff letter

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08/04/2020 | 05:43am EDT
FILE PHOTO: Tik Tok logos are seen on smartphones in front of displayed ByteDance logo in this illustration

ByteDance founder Zhang Yiming told employees on Tuesday there were misunderstandings on Chinese social media about TikTok's situation in the United States and that the company could face more difficulties as anti-Chinese sentiment rose abroad.

His comments in a letter to ByteDance's Chinese employees came after the company and Zhang were heavily criticised on Chinese social media for entering into talks with Microsoft Corp to sell TikTok's U.S. operations.

Chinese media first reported the contents of the internal letter. A source confirmed the content of the memo to Reuters.

ByteDance did not immediately respond to a request for comment.

"I actually understand (the criticism)," Zhang said in the letter. "People have high expectations of a company founded by a Chinese person which is going global but have little information about it. With lots of grievances towards the U.S. government, they tend to lash out at us with harsh criticism."

Since Monday, some users of China's Twitter-like Weibo have said they would uninstall ByteDance's Chinese short video app Douyin and news aggregator Jinri Toutiao because they believed ByteDance had given in too quickly to Washington.

Others urged ByteDance to learn from U.S. giant Google, which opted to pull its search engine out of the Chinese market in 2010 after China asked it to censor its search results, rather than selling off its Chinese operations.

Zhang said some people had misunderstood the U.S. situation. He said Washington's goal was not to force a sale of TikTok's U.S. operations through the Committee of Foreign Investment in the U.S. (CFIUS) but to ban the app, and there was a legal process ByteDance had no choice but to follow.

Zhang told staff on Monday in another internal letter that the company had started talks with a tech company so it could continue to offer the TikTok app in the United States.

U.S. President Donald Trump initially dismissed the idea of selling TikTok's U.S. operations to Microsoft but changed his mind following pressure from some advisers and many in the Republican party, because banning TikTok could alienate many young voters, Reuters has reported.

Zhang also told employees that over the last two years, anti-Chinese sentiment had risen in many countries and the company must brace for more difficulties in the current atmosphere.

By Yingzhi Yang and Brenda Goh

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -3.45% 1409.39 Delayed Quote.8.99%
MICROSOFT CORPORATION -3.29% 200.59 Delayed Quote.28.43%
WEIBO CORPORATION -1.70% 35.37 Delayed Quote.-22.37%
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Financials (USD)
Sales 2020 173 B - -
Net income 2020 30 692 M - -
Net cash 2020 120 B - -
P/E ratio 2020 31,7x
Yield 2020 -
Capitalization 982 B 982 B -
EV / Sales 2020 4,99x
EV / Sales 2021 4,07x
Nbr of Employees 127 498
Free-Float 90,2%
Duration : Period :
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Technical analysis trends ALPHABET INC.
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Income Statement Evolution
Mean consensus BUY
Number of Analysts 45
Average target price 1 742,71 $
Last Close Price 1 409,00 $
Spread / Highest target 41,2%
Spread / Average Target 23,7%
Spread / Lowest Target -12,2%
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Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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