Social Media Marketing

TikTok Owner Bytedance reportedly reached $ 34.3 billion in revenue last year

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The top row

TikTok Bytedance parent company more than doubled revenue to $ 34.3 billion last year Wall Street Journal he noted, noting the rapid growth of the Beijing-based company, which has made it the most valuable start-up in the world.

Basic elements

According to WSJ, the company shared the best moments of its financial performance for 2020 with its employees in an internal note noting that its total revenue increased 111% compared to the previous year.

The company suffered $ 2.1 billion in operating loss, allegedly due to share-based compensation costs paid to employees.

By the end of December, the company had about 1.9 billion monthly active users across all of its platforms, the note added, without releasing individual figures for TikTok or its Chinese version, Douyin.

As previously mentioned, the company is considering publishing a list in either New York or Hong Kong.

Big number

$ 140 billion. This is the amount that ByteDance valued in the last fundraising round, making it the most valuable start in the world. However, secondary market transactions are said to have a higher valuation of $ 250 billion in the company.

Basic background

ByteDance reports that some of its major companies – including Douyin – want to take over were first published in April. However, these first attempts seemed to fill a void, as the company reportedly failed to create a business structure that would please both Beijing and Washington. The company allegedly tried to separate Douyin’s operations in China from TikTok ‘s global operations following an executive order issued by former US President Donald Trump, who tried to force ByteDance to sell its US company TikTok. Earlier this month, President Joe Biden canceled the order, but the company’s U.S. companies are still under review by the Treasury Department, as well as a Biden administration investigation into user data manipulation.

Tangent

Last month, ByteDance co-founder Zhang Yiming announced that he would step down as the company’s CEO at the end of this year. Zhang will be replaced by the company’s human resources manager and Zhang’s classmate at Liang Rubo College. While announcing his exit in an internal note, Zhang admitted that he did not have 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, rather than managing people. Likewise, I’m not very sociable, I prefer solitary activities like being online, reading, listening to music and dreaming about what might be possible. “

Further reading

TikTok Owner ByteDance Annual Revenue $ 34.3 Billion (Wall Street Journal)

Let’s talk about what Biden did with Trump’s TikTok ban (Forbes)

ByteDance CEO Zhang Yiming to resign by end of 2021 (Forbes)

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