- TikTok’s dad or mum firm, ByteDance, noticed a 60% income enhance in 2023, Bloomberg reported.
- TikTok has pushed ByteDance’s latest success, permitting it to interrupt into international e-commerce markets.
- This development got here as Congress debated, after which handed, a invoice that might ban TikTok within the US.
Income to ByteDance, TikTok’s dad or mum firm, grew by about 60% final 12 months, blowing its competitors out of the water.
The corporate’s earnings jumped from $25 billion in 2022 to $40 billion in 2023, Bloomberg reported.
That success was powered by “TikTok Store,” which helped ByteDance, a Chinese language firm, break into worldwide e-commerce markets in the USA and Southeast Asia.
Whereas driving document revenues, TikTok’s success additionally drew the eye of the US Congress, nonetheless. After a prolonged debate, American lawmakers handed a invoice in March that may pressure ByteDance — or any firm owned by a “international adversary” — to close down TikTok in the USA except it sells the division to an American firm. ByteDance will probably problem any pressured sale in court docket.
Specialists say a TikTok ban may damage President Joe Biden’s reelection marketing campaign as members of Congress are getting pushback from their youngsters who use the app. Former President Donald Trump initially pushed for a TikTok ban whereas in workplace, however reversed course final month, saying {that a} ban would “make Fb larger.”
“I contemplate Fb to be an enemy of the folks,” he stated.
Information of ByteDance’s development follows revelations that the corporate was utilizing OpenAI’s expertise to assist construct its personal AI chatbot. The AI group greeted the revelation with dismay. It additionally violated OpenAI’s phrases of service, The Verge reported.
ByteDance didn’t instantly return a request for remark from Enterprise Insider on Wednesday.
