TikTok’s Sales Doubled to $35 Bln Despite U.S. Ban

ByteDance Ltd.’s Owned TikTok revenue doubled to about $35 billion , according to Bloomberg report. Also, the company managed to grow profit to roughly $7 billion in 2020 from less than $4 billion the prior year.

The firm managed to achieve such results despite a conflict with the US authorities, which demanded to sell the American pision to local businessmen. Donald Trump was then president , but with the arrival of Joe Biden, the government’s position may change.

ByteDance was founded in 2012 by Zhang Yimin. In May 2020, the company was valued at more than $ 100 billion. Later Bloomberg statedthat the company wants to go public, but before that it plans to attract investors and increase its value to $ 180 billion before its initial public offering in Hong Kong.

Noteworthy, the Chinese version of TikTok app surpassed 600 million daily active users on August 2020. According to China Chief Executive Officer Kelly Zhang, the service produced 41.7 billion yuan, in revenue for more than 22 million creators over the past year and the company intended to spend US$1.5bil, in a push to double that figure over the next 12 months.