this post was submitted on 27 Apr 2024
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Greed on Capitol Hill is not new and a huge problem. Big tech does need to get broken up. But are you trying to say TikTok and ByteDance and their backers are small corporations and mom and pop shops??
Scrutiny over ByteDance expanded further after the government took a 1% stake in its local subsidiary Beijing ByteDance Technology in 2019 that awarded the Chinese government a board seat at the subsidiary. https://www.inc.com/reuters/what-you-need-to-know-about-tiktoks-chinese-parent-company-bytedance.html
About 60% of ByteDance is owned by global institutional investors such as Carlyle Group, General Atlantic, and Susquehanna International Group,"
Wiki stuff:
Carlyle Group The Carlyle Group Inc. is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management.
General Atlantic General Atlantic, legal main entity General Atlantic Service Company, L.P., is an American growth equity firm providing capital and strategic support for global growth companies, headquartered in New York, United States. The firm was founded in 1980 as the captive investment team for Atlantic Philanthropies, a philanthropic organization founded by Charles F. Feeney, the billionaire co-founder of Duty Free Shoppers Ltd.
Susquehanna International Group The firm invested $5 million into ByteDance, the parent company of TikTok, in 2012 when ByteDance was founded. As of 2020, its stake in ByteDance represented 15 percent of its fully-diluted capitalization table and was valued over $15 billion on paper.[9]