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With fewer billionaires, TikTok founder Yiming tops China’s rich list

ByteDance’s global revenue rose by 30 per cent in 2023, reaching USD 110 billion, as per Hurun Inc….reports Asian Lite News

China has a new richest person: Zhang Yiming, co-founder of TikTok’s parent company, ByteDance. His net worth is estimated at USD 49.3 billion, according to the research, media, and investment group Hurun Inc., which publishes rankings of the country’s wealthiest individuals, CNN reported.

ByteDance’s global revenue rose by 30 per cent in 2023, reaching USD 110 billion, as per Hurun Inc., CNN reported.

Since its inception in May 2017, TikTok has gained global popularity, although it has also been embroiled in controversies, as reported by CNN.

TikTok is currently facing state and federal lawsuits in the US related to alleged failures in protecting children using the app. It is banned in India over national security concerns, while countries like Britain, Canada, and Australia have restricted TikTok’s use on government devices, CNN reported.

Despite Zhang’s rise, the number of Chinese billionaires has dropped by 142, bringing the total down to 753, according to Hurun, CNN reported. China lost almost one-third of its billionaires, as the number had peaked to 1,185 in 2021.

The number of people ranked on the list – 1,094 – also dipped overall for the third consecutive year. The list includes those individuals assessed to have at least 5 billion yuan (roughly USD 700 million) as of the end of August. The list also includes those living in Hong Kong and Macao as well as in the self-ruling democracy of Taiwan, CNN reported.

Rupert Hoogewerf, chairperson of the Hurun report, said that the decline was due to a ‘difficult year’ for the Chinese economy.

“The number of individuals on the list was down by 12% in the past year to just under 1,100 individuals and 25% from the high point of 2021, when we managed to find 1,465 individuals with 5 billion (yuan),” CNN reported him as saying in a statement. “The old guard, represented by real estate developers, have given way to a new guard of tech, new energy, consumer electronics, especially smart phones, ecommerce, especially cross-border ecommerce, consumer products and healthcare,” he said. (ANI)

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US DOJ Sues TikTok For Failing To Protect Children’s Privacy

The lawsuit alleges that TikTok violated the Children’s Online Privacy Protection Act (COPPA) by collecting personal information from users under 13 without parental consent, reports Asian Lite News

The US Justice Department filed a lawsuit against TikTok and its parent company, ByteDance on Friday, accusing them of failing to protect children’s privacy on the popular social media app, as reported by Nikkei Asia.

This lawsuit is part of the Biden administration’s ongoing effort to address concerns surrounding TikTok’s data practices and its implications for national security, Nikkei Asia reported.

The lawsuit alleges that TikTok violated the Children’s Online Privacy Protection Act (COPPA) by collecting personal information from users under 13 without parental consent. The Justice Department claims TikTok “knowingly permitted children to create regular TikTok accounts and collect and retain personal information from these users without parental consent,” according to Nikkei Asia.

Nikkei Asia further stated that TikTok, which has approximately 170 million users in the US, is facing additional pressure from a new law that would require ByteDance to divest TikTok’s US assets by January 19, 2025, or face a ban. This lawsuit adds to TikTok’s mounting legal troubles, reflecting heightened scrutiny of the platform’s data practices.

The Federal Trade Commission (FTC) has joined the lawsuit, seeking penalties that could amount to billions of dollars if TikTok is found liable for the alleged privacy violations.

FTC Chair Lina Khan stated, “TikTok knowingly and repeatedly violated kids’ privacy, threatening the safety of millions of children across the country.”

Nikkei Asia noted that the FTC is pursuing penalties of up to USD 51,744 per violation per day, potentially totalling billions if TikTok is found liable.

TikTok has responded to the allegations by disputing the claims, arguing that many of the concerns relate to past practices that are either factually incorrect or have already been addressed. “We are proud of our efforts to protect children, and we will continue to update and improve the platform,” TikTok said in a statement.

The lawsuit follows reports from Reuters in 2020 that investigated TikTok’s compliance with a 2019 agreement aimed at protecting children’s data. The company has also faced fines from the European Union and the UK for similar issues.

In related legislative developments, the US Senate recently passed a bill extending COPPA to cover teenagers up to age 17, banning targeted advertising to minors, and allowing parents and children to delete their information from social media platforms. The bill now awaits approval from the Republican-controlled House, which is on recess until September. (ANI)

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Trump embraces TikTok, app he once tried to ban

The launch on Tik Tok of the former US president comes days after he was convicted by a criminal court on all 34 counts for falsifying business records….reports Asian Lite News

Former US President Donald Trump has jumped onto the social media platform TikTok which he had tried to ban during his term as president over national security concerns, CNN reported.

TikTok is owned by Chinese parent company ByteDance.

In his first post on the short video-based social media platform Trump on Saturday night (local time) posted a 13-second video after attending an Ultimate Fighting Championship match in Newark, New Jersey. The UFC CEO, Dana White, who is featured in the video introduces Trump on the social media platform, as per a CNN report.

In the video, Trump who is the Republican Party’s Presidential candidate, addresses viewers directly and says it is an “honour” to have joined the app and his message was followed by a montage of cheering fans, according to the US broadcaster.

The launch on Tik Tok of the former US president comes days after he was convicted by a criminal court on all 34 counts for falsifying business records. Trump’s son, Donald Trump Jr who joined Tik Tok last week had posted on the social media platform videos from the New York courthouse.

The move is seen as an attempt by Trump to reach out to a wider audience, especially younger voters ahead of the presidential election in November where he is facing current US President and Democratic candidate Joe Biden.

During his administration, Trump had issued an executive order to ban TikTok in the United States. However, the court halted the order. The Trump administration had warned that they will ban the app completely unless it was sold to an American company, over potential security and privacy threats.

“The United States must take aggressive action against the owners of TikTok to protect our national security,” said the executive order which was signed by the former president in 2020.

The action was taken over concerns that the Chinese government has accessed the personal data of TikTok’s US users. ByteDance has denied collusion with the Chinese government.

However, Trump in March this year said that he opposes the ban on TikTok ban, adding that such a policy would only alienate young Americans and benefit Meta, CNN reported.

Also in April this year, US President Joe Biden signed a bill that will ban Tik Tok from the US if its Chinese parent company Byte Dance does not divest from the app within nine months. (ANI)

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US presses TikTok, Meta and X to crack down on antisemitic posts

Alphabet, Microsoft, Meta and X did not immediately respond to Reuters’ requests for comment…reports Asian Lite News

The Biden administration is urging big technology companies to ramp up efforts to curb antisemitic content on their platforms, Bloomberg News reported on Tuesday.

Representatives from companies including Alphabet, Meta, Microsoft, TikTok and X met on Thursday with US special envoy Deborah Lipstadt to monitor and combat antisemitism.

Lipstadt requested that each company designate a policy team member to address the issue and conduct training for key personal to identify antisemitism and publicly report trends in anti-Jewish content.

“We welcomed this convening and were pleased to come together to share facts about the ongoing steps TikTok takes on this important issue and to continue to learn from experts in the room,” a TikTok spokesperson said.

Alphabet, Microsoft, Meta and X did not immediately respond to Reuters’ requests for comment.

Countries around the world have seen a rise in antisemitism following the Oct. 7 attack by Hamas on southern Israel and subsequent bombardment of the Gaza Strip by the Israeli military.

The companies have not yet agreed to voluntary moves, but the administration is hopeful they will act soon, Lipstadt told Bloomberg News.

The administration is also requesting staff training in order to help identify more implicit antisemitic messages on online platforms and to differentiate between criticism of the Israeli government and hatred directed at Jews, Lipstadt added.

Meanwhile, Meta Oversight Board announced on Tuesday that it is reviewing three cases, including one involving a user accusing Israel of committing “genocide” and another concerning a Facebook comment in Arabic.

Meta, which submitted the cases as part of its review system aimed at creating a policy on criminal allegations based on nationality, said it removed the posts for breaching its Hate Speech Community Standards.

The first case involves a user’s reply on Threads, featuring a video that includes accusations of “genocide” and claims that “Israelis are criminals.”

The other two cases involve a December speech in which a user called all Russians and Americans “criminals” and a recent post in which a user stated that “all Indians are rapists.”

An Oversight Board spokesperson told Arab News: “Tensions in the region, and increasingly around the world, are dominating the discussion online.

“It’s vitally important that when looking at these issues, Meta gets the balance right and works to protect safety, without unduly limiting the ability of people to speak out about the abuses they see or the frustration they experience.”

The spokesperson added that while the board cannot review every appeal, it selects those of critical importance to public discourse “to help Meta better navigate these critical questions at a crucial time.”

Meta said the three posts were removed after human review for “targeting people with criminal allegations based on nationality.”

Despite its decision, Meta referred the cases to the Oversight Board to address the challenge of handling criminal allegations directed at people based on their nationality, as they might be interpreted as attacks on a nation’s policies.

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TikTok sues US govt to block ban

US President Joe Biden signed a TikTok ban bill into law last month after it was passed by both houses of US Congress….reports Asian Lite News

TikTok, an online video entertainment platform, and its Chinese parent company ByteDance have filed a legal challenge against the US government over a law forcing ByteDance to sell off the ultra-popular app or face a nationwide ban in the country.

US President Joe Biden signed a TikTok ban bill into law last month after it was passed by both houses of US Congress.

“Congress has taken the unprecedented step of expressly singling out and banning TikTok: a vibrant online forum for protected speech and expression used by 170 million Americans to create, share, and view videos over the Internet,” said TikTok in the petition filed on Tuesday in the Court of Appeals for the District of Columbia Circuit, adding that “For the first time in history, Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community with more than 1 billion people worldwide.”

TikTok pointed out in the petition that the law — the Protecting Americans From Foreign Adversary Controlled Applications Act — is “unconstitutional”, Xinhua news agency reported.

“Banning TikTok is so obviously unconstitutional, in fact, that even the Act’s sponsors recognized that reality, and therefore have tried mightily to depict the law not as a ban at all, but merely a regulation of TikTok’s ownership,” said TikTok.

The law only gives ByteDance 270 days to sell TikTok to a non-Chinese buyer, with the possibility of a 90-day extension if the US President determines it necessary.

“But in reality, there is no choice,” said TikTok, noting that the “qualified divestiture” demanded by the Act to allow TikTok to continue operating in the US is simply not possible: not commercially, not technologically, not legally.

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Biden administration passes bill that could lead to TikTok ban

By attaching the TikTok bill to funding for Israeli missile defence and Ukrainian military equipment, Republican lawmakers in the US placed pressure on Senate lawmakers to consider the whole package in a single up-or-down vote.

The US House of Representatives on Saturday approved a bill that could ban social media app TikTok, CNN reported.

The bill passed 360-58 marks the latest defeat for TikTok in the US, as the social media company with 170 million users in the US fights for survival under its current ownership by ByteDance, its Chinese parent company.

The passage of the bill in the US House comes as part of a foreign aid package for Israel and Ukraine. The move resembles an earlier version approved in March this year that would ban TikTok from US app stores unless it finds a new owner, and quickly, according to CNN report.

By attaching the TikTok bill to funding for Israeli missile defence and Ukrainian military equipment, Republican lawmakers in the US placed pressure on Senate lawmakers to consider the whole package in a single up-or-down vote.

Policy analysts expect the US Senate to take up the aid package quickly, increasing its chances of passing. US President Joe Biden has previously announced that he would sign the TikTok legislation if it reached his desk.

The passage of the TikTok bill showcases how policy priorities outside the company’s control have merged to create a potentially devastating outcome for an app that is liked by many young Americans. However, US officials have warned that it is a national security risk.

TikTok’s Los Angeles Office in Culver City, Los Angeles County, the United States.(Xinhua/IANS)

The version of the bill approved Saturday would, if signed, give TikTok 270 days to find a new owner, which is more than roughly six months contemplated under older versions of the legislation. The bill also gives the White House the ability to extend that deadline for another 90 days if the US President believes there is progress towards a sale, CNN reported.

TikTok has expressed its opposition to the bill. For weeks, TikTok carried out a lobbying campaign to defeat the legislation, stressing that it violates its users’ First Amendment rights and threatens small businesses.

In a post on X, TikTok on Wednesday wrote, “It is unfortunate that the House of Representatives is using the cover of important foreign and humanitarian assistance to once again jam through a ban bill that would trample the free speech rights of 170 million Americans, devastate 7 million businesses, and shutter a platform that contributes USD 24 billion to the US economy, annually.”

TikTok has indicated it could file a lawsuit to block the House’s legislation, telling users in March that it plans to continue fighting, “including (by) exercising our legal rights,” according to CNN report. A court challenge over the law would result in a high-stakes battle over the right of people in the US to access digital information. (ANI)

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US House passes bill to ban TikTok

The bill, passed by a vote of 352-65, now goes to the Senate, where its prospects are unclear…reports Asian Lite News

The House on Wednesday passed a bill that would lead to a nationwide ban of the popular video app TikTok if its China-based owner doesn’t sell its stake, as lawmakers acted on concerns that the company’s current ownership structure is a national security threat.

The bill, passed by a vote of 352-65, now goes to the Senate, where its prospects are unclear.

TikTok, which has more than 170 million American users, is a wholly-owned subsidiary of Chinese technology firm ByteDance Ltd.

The lawmakers contend that ByteDance is beholden to the Chinese government, which could demand access to the data of TikTok’s consumers in the U.S. whenever it wants. The worry stems from a set of Chinese national security laws that compel organizations to assist with intelligence gathering.

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“We have given TikTok a clear choice,” said Rep. Cathy McMorris Rodgers, R-Wash. “Separate from your parent company ByteDance, which is beholden to the CCP (the Chinese Communist Party), and remain operational in the United States, or side with the CCP and face the consequences. The choice is TikTok’s.”

House passage of the bill is only the first step. The Senate would also need to pass the measure for it to become law, and lawmakers in that chamber indicated it would undergo a thorough review. Senate Majority Leader Chuck Schumer, D-N.Y., said he’ll have to consult with relevant committee chairs to determine the bill’s path.

The House vote is the latest example of increased tensions between China and the U.S. By targeting TikTok, lawmakers are tackling what they see as a grave threat to America’s national security — but also singling out a platform popular with millions of people, many of whom skew younger, just months before an election.

In a video posted on Wednesday evening, TikTok CEO Shou Zi Chew said that the company has invested to keep user data safe and the TikTok platform free from outside manipulation. If passed, he said the bill would give more power to a handful of other social companies.

“We will not stop fighting and advocating for you. We will continue to do all we can, including exercising our legal rights, to protect this amazing platform that we have built with you,” Chew said in his message to the app’s users.

In anticipation of the vote, a Chinese foreign ministry spokesman, Wang Wenbin, accused Washington of resorting to political tools when U.S. businesses fail to compete. He said the effort would disrupt normal business operations and undermine investor confidence “and will eventually backfire on the U.S. itself.”

Overall, 197 Republican lawmakers voted for the measure and 15 against. On the Democratic side, 155 voted for the bill and 50 against.

Some Republican opponents of the bill said the U.S. should warn consumers if there are data privacy and propaganda concerns, but the final choice should be left with consumers.

“The answer to authoritarianism is not more authoritarianism,” said Rep. Tom McClintock, R-Calif. “The answer to CCP-style propaganda is not CCP-style oppression. Let us slow down before we blunder down this very steep and slippery slope.”

“We have a national security obligation to prevent America’s most strategic adversary from being so involved in our lives.”

Democrats also warned of the impact a ban would have on users in the U.S., including entrepreneurs and business owners. One of the no votes came from Rep. Jim Himes, the ranking Democratic member of the House Intelligence Committee.

“One of the key differences between us and those adversaries is the fact that they shut down newspapers, broadcast stations, and social media platforms. We do not,” Himes said. “We trust our citizens to be worthy of their democracy. We do not trust our government to decide what information they may or may not see.”

The day before the House vote, top national security officials in the Biden administration held a closed-door briefing with lawmakers to discuss TikTok and the national security implications. Lawmakers are balancing those security concerns against a desire not to limit free speech online.

“What we’ve tried to do here is be very thoughtful and deliberate about the need to force a divestiture of TikTok without granting any authority to the executive branch to regulate content or go after any American company,” said Rep. Mike Gallagher, the bill’s author, as he emerged from the briefing.

“Not a single thing that we heard in today’s classified briefing was unique to TikTok. It was things that happen on every single social media platform.”

TikTok has long denied that it could be used as a tool of the Chinese government. The company has said it has never shared U.S. user data with Chinese authorities and won’t do so if it is asked. To date, the U.S. government also has not provided evidence that shows TikTok shared such information with Chinese authorities.

Republican leaders moved quickly to bring up the bill after its introduction last week by Gallagher and Rep. Raja Krishnamoorthi, D-Ill. A House committee approved the legislation unanimously, on a 50-0 vote, even after their offices were inundated with calls from TikTok users demanding they drop the effort. Some offices even shut off their phones because of the onslaught. Supporters of the bill said the effort backfired.

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Biden says he’ll sign bill to ban TikTok if Congress passes it

House Majority Leader Steve Scalise (R-La.) said that he will be bring the bill to a House floor vote next week…reports Asian Lite News

President Biden said he would support a quickly moving bipartisan bill that could ban TikTok if Congress passes the legislation. 

“If they pass it, I’ll sign it,” Biden told reporters Friday, referring to the Protecting Americans From Foreign Adversary Controlled Applications Act.

The bill from Reps. Mike Gallagher (R-Wis.) and Raja Krishnamoorthi (D-Ill.) advanced out of the House Energy and Commerce Committee with unanimous support on Thursday, just two days after it was introduced. Gallagher and Krishnamoorthi are the chairman and ranking member, respectively, of the a special House committee focused on China.

House Majority Leader Steve Scalise (R-La.) said Thursday on X, the platform formerly known as Twitter, he will be bring the bill to a House floor vote next week. 

Although House Energy and Commerce Committee Ranking Member Frank Pallone (D-N.J.) raised concerns about Republicans using a “rushed process” on the bill, he and other Democrats supported it over national security concerns they said are raised by TikTok based on its Chinese-based parent company ByteDance.   TikTok has pushed back on those allegations. 

The bill would require ByteDance to divest TikTok or face a ban on U.S. app stores and web hosting services, banning users from accessing the platform.  It gives ByteDance 165 days to divest TikTok once passed. TikTok has pushed back strongly on the bill. 

A TikTok spokesperson said the legislation has a “predetermined outcome: a total ban of TikTok in the United States.”

The company launched a campaign to try and block the bill from advancing on Thursday ahead of the vote by sending notifications to users urging them to call Congress to “stop a TikTok shutdown.” 

In addition to specifically naming ByteDance and TikTok in the legislation, the bill also lays out a process for the president to name other apps that pose national security risks due to ties from foreign adversaries including China, Russia, North Korea and Iran. 

Outside groups, including the ACLU and the Knight First Amendment Institute at Columbia University, have criticized the bill as posing risks to limiting free speech. 

Former President Trump, who is running for another term, signaled opposition to the bill. Trump sought to ban TikTok while in office, but said in a post on Truth Social Thursday that doing so could benefit Meta, the parent company of Facebook, which booted him from the platform in 2021 before reinstating him last year.

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US Bill demanding ByteDance to divest TikTok introduced

It is the latest effort to impose a ban on TikTok over concerns about potential national security threats posed by ByteDance….reports Asian Lite News

A bipartisan bill introduced by lawmakers in the US House will force China-based ByteDance, the parent company of TikTok, to divest the shortform video app or face a ban on the platform in the United States, The Hill reported.

US Representatives – Mike Gallagher and Raja Krishnamoorthi, the top lawmakers on the House Select Committee on the Chinese Communist Party, introduced the bill on Tuesday. It is the latest effort to impose a ban on TikTok over concerns about potential national security threats posed by ByteDance.

The “Protecting Americans From Foreign Adversary Controlled Applications Act” defines ByteDance and TikTok as foreign adversary controlled applications. The bill also creates a broader framework that would enable the US President to designate other foreign adversary controlled applications.

On Tuesday, the US House Energy and Commerce Committee said it will consider the bill at a Thursday markup, according to The Hill report.

In a statement on Tuesday, US Representative Cathy McMorris Rodgers, chair of Energy and Commerce panel, said, “I commend Select Committee on the CCP Chair Mike Gallagher and Ranking Member Raja Krishnamoorthi for their leadership on this bipartisan bill and look forward to advancing the bill this week.”

Under the scope of the bill, foreign adversaries include China, Russia, North Korea and Iran. The bill will give more than five months to ByteDance after the law goes into effect to divest TikTok. If ByteDance does not divest from TikTok, it would become illegal to distribute it through an app store or web hosting platform in the US.

The bill has over 12 bipartisan sponsors, according to a committee aide. The aid, however, did not mention the details regarding the specific sponsors, according to The Hill report.

Gallager and Krishnamoorhti’s proposal tries to avert running into concerns that emerged as roadblocks to other bills, on the basis of description of the committee aides’. However, there are still concerns with banning the app due to its popularity with US users and concerns based on the loopholes users could use to gain access to TikTok even if it were effectively banned.

Speaking to The Hill, TikTok spokesperson Alex Haurek called the bill an “outright ban” of TikTok. He stressed that this legislation will trample the First Amendment rights of 170 million Americans.

“This bill is an outright ban of TikTok, no matter how much the authors try to disguise it. This legislation will trample the First Amendment rights of 170 million Americans and deprive 5 million small businesses of a platform they rely on to grow and create jobs,” The Hill quoted Alex Haurek as saying.

In 2023, a Republican backed bill tried to impose an outright ban on TikTok. However, the ban faced a pushback from Democratic lawmakers who stressed that the effort was rushed and could hinder free speech rights. (ANI)

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TikTok CEO grilled by lawmakers regarding China ties


During the hearing, Senator Tom Cotton of Arkansas raised concerns to Chew about becoming CEO at the same time as the Chinese Communist Party acquired a 1% stake in ByteDance’s primary Chinese subsidiary….reports Asian Lite News

TikTok CEO Shou Chew found himself under scrutiny as lawmakers probed into the platform’s ties with China, particularly its parent company ByteDance, and the extent of access granted to the Chinese government, CNN reported.

During the hearing, Arkansas Republican Sen Tom Cotton questioned Chew about his appointment as CEO coinciding with the Chinese Communist Party’s acquisition of a 1 per cent stake in ByteDance’s main Chinese subsidiary.

Chew dismissed any connection, stating, “It’s a coincidence.” Missouri Republican Sen. Josh Hawley also pressed Chew on TikTok’s links to China and its communist party.

In response to Texas Republican Sen Ted Cruz’s inquiry, Chew characterised the 1989 Tiananmen Square incident in Beijing as a “massive protest.” While accurate, Chew’s description omitted the subsequent government crackdown on pro-democracy activists, a dark chapter that is heavily censored on the Chinese internet today.

Under further questioning by Sen Cotton, Chew conceded, referring to the event as “a massacre.” Despite Chew’s acknowledgment, he had previously assured Congress that TikTok permits content related to Tiananmen Square, emphasising that the platform does not operate within China. However, ByteDance, TikTok’s parent company, distributes a similar app called Douyin within China.

The intense questioning reflects growing concerns among lawmakers about the potential influence of the Chinese government on TikTok’s operations and content policies.

The grilling was held at a dramatic Senate Judiciary Committee hearing of the CEOs of major tech companies, who faced intense scrutiny over the potential harms of their platforms on teens, CNN reported.

The Senate Judiciary Committee focused on examining the potential harms inflicted on teenagers by these platforms.

During the hearing, the CEOs sought to convey their commitment to child safety on their platforms by emphasising their roles as parents.

Snap CEO Evan Spiegel mentioned that his wife approves every app their 13-year-old downloads, TikTok CEO Shou Chew highlighted being a father of three young children, X CEO Linda Yaccarino identified herself as a mother, and Discord CEO Jason Citron emphasised his role as a father of two. (ANI)

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