ByteDance Ltd. was able to more than double its revenues to reach about $ 35 billion last year, despite the increasing global competition and the attempt of the American administration to ban service Featured video TikTok in the United States.
According to Arabiya Net, sources said, the Chinese company has managed to increase its operating profits to nearly $ 7 billion in 2020 from less than $ 4 billion. In the previous year.
This growth comes in the year that former US President Donald Trump sought to ban TikTok and force it to sell to American investors led by Oracle.
With Joe Biden in office, the company is close to listing part of Hong Kong's social media empire. According to Bloomberg, and seen by Al Arabiya.net.
Zhang Yaming founded ByteDance in 2012, which built TikTok as one of the most popular apps around the world, with more than 100 million users in The United States alone.
the startup has more than quadrupled its revenue from just $ 8 billion in 2018.
The Trump administration had described the app as a security threat and banned the service last year, believing that the Chinese government might force ByteDance to hand over the data of millions of young American users. Then Oracle and Walmart agreed to buy 20% of TikTok in a complex deal the former president had blessed.
Biden's immediate priorities are to curb the epidemic and revive the economy, and he hasn't had much to say yet about TikTok.
ByteDance could reach a compromise with the new boss allowing it to retain full or majority ownership - provided it proves that US user data is secure.
