While TikTok faces an uncertain future in the U.S., its Chinese parent company continues to rake in cash. On Wednesday, Bloomberg reported that ByteDance’s profit jumped 60% in 2023 to more than $40 billion, compared to $25 billion in 2022, citing people familiar with the matter. Despite a slowed Chinese economy, ByteDance has been buoyed by TikTok’s massive global popularity, especially in the U.S.—TikTok has 170 million American users, and a Pew study from January found it was the fastest-growing social media platform in the country.
In The Face Of U.s. Ban Threats, Tiktok’s Parent Company Is More Profitable Than Ever
Andrew R. Chow, Time: Business
Wed, 04/10/2024 - 9:40am
Topics: u.s.&mdash january china openai march u.s house representatives u.s the york democrat chuck schumer president biden read know about bill that could get but republican vice president mike pence mitch mcconnell beijing s ldquo;cutting scott nover time google meta&mdash donald trump national security council tiktok chinese bloomberg in american u.s u.s but senate it americans&mdash face ban parent company app bytedance called important bytedance’s wrote sell billion slowed campaign users calls comment
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TikTok lawyers wrote a ban would silence “the 170 million Americans who use the platform to communicate in ways that cannot be replicated elsewhere.” ...
05/7/2024 - 7:20 am | View Link - More
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