Chinese company ByteDance, which is the parent company of TikTok, has announced that it is closing its business in India. As the government made its ban on TikTok permanent, the most valued startup in the world announced its plans to lay off close to half of its workforce in its biggest international market. Before the ban in India, Tiktok had more than 200 million users
In India, ByteDance saw an untapped market of millions of Gen Y and Gen Z users that was bursting with creativity and eager to publish their short videos on TikTok—for money, to have fun, or simply escape the daily humdrum. In no time, India became TikTok's biggest international market.
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