Regardless that the U.S. authorities is engaged on laws that may ban TikTok within the nation (until present mother or father ByteDance divests itself of the platform), there isn’t any denying that the app is a big success within the states. U.S. income totaled $16 billion final 12 months and with sturdy outcomes like that, if ByteDance does resolve 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 12 months, up 40% from 2022’s top-line quantity. And whereas ByteDance did have earnings of $28 billion final 12 months, TikTok continues to be spilling pink ink which is one thing that any potential purchaser goes to have to contemplate when formulating a bid. ByteDance is believed to have an in depth relationship with the Communist Chinese language authorities and there’s concern that TikTok collects U.S. person’s private data and sends it to a server sitting on a desk in Beijing.
TikTok generated $16 billion in income from the U.S. final 12 months
The invoice now strikes to the Senate the place it’s anticipated to have a tougher 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 following 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 should log out on any deal reached to purchase the platform from ByteDance.
