TikTok CEO says U.S. needs China-owned app for social media competition

U.S. advertisers would be left with few choices and social media competition would dry up without TikTok, Kevin Mayer, the new CEO of the popular short video app that is owned by Chinese internet giant ByteDance, wrote in a blog post on Wednesday.

Mayer’s comments come as the chief executives of Amazon.com Inc, Facebook Inc, Apple Inc and Google owner Alphabet are set to appear before U.S. lawmakers on Wednesday to address concerns they have become too dominant in their markets.