and the drama continues over Tik Tok data collection #invest #stock #investmentstrategies #tiktok

And the Drama Continues Over TikTok Data Collection #invest #stock #investmentstrategies #tiktok

In a recent Congressional hearing, serious concerns were raised about the data collection practices of TikTok, owned by ByteDance. Below is a reconstructed dialogue between Mr. Chu, the CEO of TikTok, and a concerned Congressman.

Congressman: So, Mr. Chu, if the CCP tells ByteDance to turn over all data that TikTok has collected inside the U.S., even within Project Texas, do they have to do so?

Mr. Chu: According to the Chinese law, Congressman... first, I’m Singaporean.

Congressman: That's fine, but there are employees of yours and ByteDance's in China.

Mr. Chu: We understand this concern. In my opening statement, we said we hear these concerns. We didn’t try to avoid them or downplay them. We built something where we take that data and put it out of reach. This is what we did.

Congressman: Is ByteDance part of the corporate group?

Mr. Chu: ByteDance, as a holding company, is part of the corporate group.

Congressman: Okay, so my last point is this: I want to say this to all the teenagers out there and TikTok influencers who think we’re just old and out of touch and don’t know what we’re talking about in trying to take away your favorite app. You may not care that your data is being accessed now, but you will one day when you do care about it. And here’s the real problem: with data comes power. They can choose what you see and how you see it. They can make you believe things that are not true. They can encourage you to engage in behavior that will destroy your life. Even if it is not happening yet, it could in the future.

Keywords

TikTok
ByteDance
Data Collection
Project Texas
CCP (Chinese Communist Party)
Singaporean
U.S. Data Security
Corporate Group
TikTok Influencers
Data Privacy

FAQ

Q: What was the main concern raised by the Congressman regarding TikTok's data collection?

A: The main concern was whether ByteDance, under instructions from the CCP, would have to turn over data collected in the U.S., even data governed by Project Texas.

Q: How did Mr. Chu respond to concerns about data security?

A: Mr. Chu assured that they are taking concerns seriously and have designed systems to put U.S. data out of reach from Chinese authorities.

Q: Why did the Congressman address TikTok influencers specifically?

A: The Congressman wanted to alert TikTok influencers and teenagers to the long-term implications of data collection, suggesting that even if privacy issues are not a concern now, they could become significant in the future.

Q: Is ByteDance acknowledged as part of the corporate group that includes TikTok?

A: Yes, ByteDance, as a holding company, is part of the corporate group that includes TikTok.