TikTok Proprietor Bytedance Reportedly Raked In $34.three Billion In Income Final 12 months
TikTok’s parent company, Bytedance, more than doubled its revenue last year to $ 34.3 billion, the Wall Street Journal reported, highlighting the Beijing-based company’s rapid growth that made it the most valuable startup in the world Has.
ByteDance is reportedly considering plans to go public in either New York or Hong Kong … [+]
According to the WSJ, the company shared the highlights of its 2020 financial performance with its employees in an internal memo that found total revenue increased 111% year over year.
The company suffered a $ 2.1 billion operating loss that was reportedly attributable to employee stock-based compensation expenses.
By the end of December, the company had around 1.9 billion monthly active users on all of its platforms, according to the memo, without any individual figures for TikTok or its Chinese version Douyin being known.
As previously reported, the company is considering plans to go public in either New York or Hong Kong.
$ 140 billion. This is how much ByteDance was valued in its last round of fundraising, making it the most valuable startup in the world. However, secondary market transactions reportedly raised the company $ 250 billion higher.
Reports first surfaced in April that ByteDance wanted to make some of its main businesses – including Douyin – public. But there seemed to be a catch in those early efforts, as the company reportedly failed to develop a business structure that would please both Beijing and Washington. The company allegedly attempted to separate Douyin’s China-based operations from TikTok’s global operations amid an order from former US President Donald Trump attempting to force ByteDance to sell TikTok’s US business. Earlier this month, President Joe Biden reversed that order. However, the company’s US operations are still pending a Treasury Department-led review and an investigation by the Biden administration into handling user data.
Last month, ByteDance co-founder Zhang Yiming announced that he would step down as the company’s CEO later this year. Zhang is replaced by the company’s hiring manager and his classmate, Liang Rubo. While announcing his departure in an internal memo, Zhang admitted that he lacks the skills to be an ideal manager. He wrote: “I am more interested in analyzing organizational and market principles and using these theories to further reduce management work than actually leading people. I am also not very sociable and prefer solitary activities like being online, reading, listening to music and dreaming about what is possible. “
TikTok owner ByteDance’s annual revenue climbs to $ 34.3 billion (Wall Street Journal)
Let’s Talk About What Biden Just Did With Trump’s TikTok Ban (Forbes)
ByteDance CEO Zhang Yiming to step down by the end of 2021 (Forbes)