Regardless that the U.S. authorities is engaged on laws that will ban TikTok within the nation (until present guardian ByteDance divests itself of the platform), there isn’t a denying that the app is a big success within the states. U.S. income totaled $16 billion final yr and with sturdy outcomes like that, if ByteDance does determine to promote its stake in TikTok, it might ask for and obtain a bigger sum than it initially anticipated.
ByteDance had complete income of $120 billion final yr, up 40% from 2022’s top-line quantity. And whereas ByteDance did have income of $28 billion final yr, TikTok continues to be spilling pink ink which is one thing that any potential purchaser goes to have to think about when formulating a bid. ByteDance is believed to have a detailed relationship with the Communist Chinese language authorities and there may be concern that TikTok collects U.S. person’s private info and sends it to a server sitting on a desk in Beijing.
TikTok generated $16 billion in income from the U.S. final yr
The invoice now strikes to the Senate the place it’s anticipated to have a more durable time passing. If it does, the Home and Senate reconcile any variations between their payments and vote. If the invoice passes each the Home and Senate, the subsequent cease is the president’s desk and President Biden has stated that he’ll signal the invoice if it reaches his desk.
China, however, is against a compelled sale of TikTok though Beijing must log off on any deal reached to purchase the platform from ByteDance.