Instagram has announced a new video editing app called Edits, aimed at creators who produce videos on their phones. The app, unveiled by Instagram head Adam Mosseri in a video on Instagram, is positioned as a competitor to CapCut, the video editor app owned by TikTok's parent company ByteDance.

As the United States inches closer to a potential ban on TikTok, millions of American users are exploring alternatives, with RedNote emerging as a frontrunner. Known as Xiaohongshu, or 'Little Red Book', in its native China, RedNote has seen a sharp rise in popularity, driven by its resemblance to TikTok and its unique blend of short videos and e-commerce features.

ByteDance, the parent company of TikTok, is suing a former intern for 8 million yuan (about $1.1 million), accusing him of deliberately disrupting its artificial intelligence (AI) training operations. The lawsuit, filed in Beijing's Haidian District People's Court, has sparked widespread interest in China owing to its unique nature.

ByteDance, the parent company of TikTok, is valuing itself at approximately $300 billion through a new share buyback program, according to a report by the Wall Street Journal.

Zhang Yiming, founder of TikTok’s parent company ByteDance, has become the richest person in China, with a personal wealth of $49.3 billion, according to the Hurun China Rich List 2024, an annual ranking of China's richest individuals. 

ByteDance, the parent company of TikTok, is accelerating its AI model development by turning to domestic suppliers like Huawei Technologies, according to a recent report by Reuters.