Comment on In the Face of U.S. Ban Threats, TikTok’s Parent Company is More Profitable Than Ever

In the Face of U.S. Ban Threats, TikTok’s Parent Company is More Profitable Than Ever

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.

 

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