A looming US ban on TikTok will force its user base to “precipitously decline”, by as much as 90 per cent, and drive content creators to “less attractive and less functional” substitutes, the video sharing app said in a new court filing.
Nearly 40 to 50 per cent of its daily active users will not return to the platform even if the ban is lifted after two months. If it stays for up to six months, 80 to 90 per cent of daily active users are less likely to return, the company added.
“Even if the TikTok ban is later lifted, we would not be able to make up for lost ground … people will have already turned to other competing platforms such as Byte, Triller, Zynn and Reels to fill the void,” Vanessa Pappas, TikTok's interim global head, said in the court petition.
Last Friday, the US Commerce Department said it will issue an order that will bar Americans from downloading the video-sharing app starting September 20. Later, US President Donald Trump delayed the enforcement of the order by a week.
Even if the TikTok ban is later lifted, we would not be able to make up for lost ground ...
The company said the US ban will have a major impact on its global growth because content created and shared by the US users is “highly exportable” to other English-speaking markets like the UK, Canada, and Australia.
“US content can comprise as much as 60 per cent of the content in TikTok’s non-US markets. Banning [that] will result in a massive decrease in content available globally, which will decrease business,” Ms Pappas said.
She also said that such a step will devastate its US workforce, “permanently harming its ability to recruit and retain talent”.
Since July 1, 52 candidates have declined offers of employment with ByteDance and TikTok due to the perceived uncertainty about its existence in the US.
Launched in China in September 2016, TikTok is owned by Beijing-based technology firm ByteDance. It was rolled out in the US in 2018 after ByteDance’s $1 billion (Dh3.67bn) purchase of lip-synching app Musical.ly. TikTok allow users to create and share 15-second videos while providing musical soundtracks.
As of August 18, TikTok had 92.8 million monthly active users in the US, almost 53 million more than in October last year.
The company said it has always invested “heavily in data privacy and security”.
“We take steps to protect the privacy and security of US user data … including industry-standard encryption to protect data and security controls to protect the integrity of our source code and safeguard against data breaches, hackers and other malicious actors,” Ms Pappas said.
As a first step, the US Commerce Department has ordered the removal of TikTok from the country's app stores on September 27. Subsequently, the app will be shut down entirely in the US on November 12.
Removing the app from the US app stores will halt the influx of new US users, making it unavailable to the hundreds of millions of Americans who have not yet downloaded the app, Ms Pappas said.
“To remain competitive, continued growth at this stage in our development is critical. New users are the lifeblood of a social media application like TikTok … without new users, we cannot compete with other platforms,” she added.
Earlier this month, the Trump administration approved Oracle’s bid for the American operations of TikTok, leading to a tentative deal where Oracle and Walmart would get a combined 20 per cent stake in a global TikTok business. However, a final deal looked uncertain when ByteDance said it would never give up majority control over TikTok.
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
The five pillars of Islam
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
UAE currency: the story behind the money in your pockets
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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First Person
Richard Flanagan
Chatto & Windus
UAE currency: the story behind the money in your pockets
