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    Anambra to begin payment of new minimum wage.

    Soludo Shuts Onitsha Market for a Week Over Adherence to Monday Sit-at-Home

    NNPC acquires equipment to build 40 CNG filling stations

    President Tinubu Cancels $1.42 Billion, ₦5.57 Trillion NNPCL Debt

    Terrorists attack presidential guards in Abuja after threat to abduct Buhari

    FG Confirms U.S.-Backed Airstrikes on Terrorists Targets in Sokoto State

    EFCC traces 41 properties worth N212bn to Former Attorney General, Abubakar Malami

    EFCC traces 41 properties worth N212bn to Former Attorney General, Abubakar Malami

    NMDPRA CEO Farouk Ahmed resigns amid corruption allegations

    NMDPRA CEO Farouk Ahmed resigns amid corruption allegations

    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Nnamdi Kanu prison transfer request stalls as court insists on hearing from FG, NCoS

    FPEDL Schedules Brief Power Outage in Anambra for Transformer Upgrade on December 7

    FPEDL Schedules Brief Power Outage in Anambra for Transformer Upgrade on December 7

    Nnamdi Kanu moved from DSS custody to Sokoto prison – Aloy Ejimakor

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    Senate Confirms Retired Chief of Defence Staff as Defence Minister

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    NNPC acquires equipment to build 40 CNG filling stations

    President Tinubu Cancels $1.42 Billion, ₦5.57 Trillion NNPCL Debt

    Dangote Refinery will supply first product to market by July – Dangote

    Why Made in Nigeria Cement Is Cheaper Abroad – Dangote

    Dangote refinery set to import Crude oil from Brazil

    Dangote Refinery Cuts Petrol Price to ₦699 per Litre

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    CBN Rolls Out New Cash Rules, Sets Fresh Withdrawal Limits for 2026

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

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    Nigeria’s inflation eases to 16.05% in October 2025

    President Buhari hikes Petrol Price to N212 per litre through the PPPRA

    Federal Government suspends 15% import tax on imported petrol

    Nigeria Imposes 10% Tax on Short-Term Investment Interest

    Nigeria Imposes 10% Tax on Short-Term Investment Interest

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

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    Anambra to begin payment of new minimum wage.

    Soludo Shuts Onitsha Market for a Week Over Adherence to Monday Sit-at-Home

    MTN Nigeria to pay over N200 billion final dividend for 2022

    Geregu Power Board proposes N9 per share final dividend for FY 2025

    Linkage Assurance Plc Appoints Two New Non-Executive Directors

    Linkage Assurance Plc Appoints Two New Non-Executive Directors

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    NEM Insurance profit declines despite 54% growth in revenue in FY 2025

    Zichis Agro Firm Lists 600 million Shares On NGX, Rises 9.55%

    Zichis Agro Firm Lists 600 million Shares On NGX, Rises 9.55%

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    Geregu Power grows revenue by 35% to ₦184.9bn, posts ₦27.25bn profit for FY 2025

    MTN Nigeria to pay over N200 billion final dividend for 2022

    Nigeria Infrastructure Debt Fund Declares ₦4.68 Distribution for Q4 2025

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    Fidson Healthcare Announces N21 Billion Rights Issue to Boost Capital Base

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    Silver and other Precious Metals Surges amid Economic concerns

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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TikTok CEO quits amid battle with Washington

Thursday, 27 August 2020, 2:11 pm
in News, World
0
TikTok owner to suffer $6 billion loss from India Apps ban
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As TikTok battle with Washington continues, its Chief Executive Officer Kevin Mayer, has quit just months after his appointment, amid a “sharply changed” political environment after Donald Trump accused the platform of threatening national security.

Mayer said the scope of his role as the head of the video-sharing platform was more than he could manage.

His decision to leave the company comes days after TikTok filed suit against the Trump administration over an executive order that prevents the video-sharing app from making business transactions in the United States.

The former Disney executive would be replaced in the interim by Vanessa Pappas, the general manager.

In a letter to staff, parts of which have been seen by Investogist, Mayer said he had decided to leave after Trump ordered TikTok’s parent company, ByteDance, to sell its US assets to a US company within 90 days

“In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for,” the letter said.

“Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company.”

The Financial Times quoted an excerpt from the letter that said: “I understand that the role that I signed up for – including running TikTok globally – will look very different as a result of the US administration’s action to push for a sell off of the US business.”

Read also; Just in – Akinwumi Adesina re-elected AfDB President

TikTok said in a statement it thanked Mayer for his time and wished him well. “We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin’s role would be going forward, and fully respect his decision,” it said.

ByteDance, which owns TikTok, said in a statement that it hopes to quickly resolve the business hurdles that it faces in the US according to The Guardian.

US tech companies including Microsoft, Twitter and Oracle, have expressed interest or announced talks with ByteDance to acquire some of TikTok’s operations outside China.

TikTok’s Chinese ownership has raised concern about the potential for sharing user data with Chinese officials as well as censorship of videos critical of the Chinese Communist Party government. TikTok says it does not censor videos and it would not give the Chinese government access to US user data.

In early August Trump threatened to ban TikTok on the basis of national security concerns.

Trump later issued a pair of executive orders banning US transactions  with the Chinese companies ByteDance that owns TikTok, and Tencent which owns WeChat, saying the US must take “aggressive action” in the interest of national security. TikTok is suing the US government over the executive orders

Written by;

Ifunanya Ikueze

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