Cloud computing company Fastly Inc. failed to disclose that controversial TikTok owner ByteDance Ltd. was its largest customer in the second quarter of 2020, leading to a drop in stock prices after it revealed the news, according to an investor suit filed in San Francisco federal court Thursday.
Fastly is the creator of an “edge cloud platform” that provides cloud internet infrastructure services. On an Aug. 5 earnings call, Fastly revealed that TikTok was responsible for 12% of its revenue in the second quarter. According to the complaint, the Q2 earnings call also suggested that ByteDance was a significant Fastly ...
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