We will also address similar topics at the 2024 Portfolio Investment Day conference on May 16, which is free to participate in after registration.
ByteDance announced that it has presented its development TikTok Lite app risk assessment for EU supervisory bodies. The move is the company's response to European Union regulators threatening to impose fines and a partial ban on the service, citing potential risks to minors. Yesterday, the European Union decided to launch investigations in France and Spain after concerns were raised about the rewards system in TikTok Lite, which may lead to addiction among young people.
According to the company's announcement, the deadline for submitting the documents was met on time. Regulators require ByteDance to conduct a comprehensive risk analysis, which they say it has failed to do in the past. In addition, European Union officials have given the company until April 24 to defend its program.
If they fail to comply with the requirements of the new Digital Services Act (DSA), TikTok could face a fine of up to 1% of its annual revenue or a periodic penalty of 5% of its average daily revenue. The US House of Representatives has already taken steps against the app's parent company, requiring it to strip its ownership.
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