Despite Trump TikTok Doubled Its Earnings

Despite Trump TikTok Doubled Its Earnings

TikTok, the developed by the Chinese technology company Bytedance, has doubled its earnings despite Trump.

Despite Trump, Tiktok doubled its earnings. Despite global competition and ex-US President Donald Trump's attempt to ban TikTok, ByteDance Ltd's revenue has doubled last year to $ 35 billion. The Chinese company's operating profit in 2019 was less than $ 4 billion. According to the information obtained from the source having information on the subject, the operating profit was recorded as 7 billion dollars in 2020. Last year, Donald Trump attempted to ban TikTok in the United States, the video application developed by ByteDance, using force to sell it to US investors led by Oracle Corp. Nowadays, the company is one step closer to including some of the social media world in the stock market under the management of Biden. The reason why ByteDance has grown so much is the worldwide famous video app TikTok and the Chinese twin of TikTok, Douyin. The company, which has recently reached 180 billion dollars, is considering to hold its first public offering in Hong Kong for some of its operations. The company's smaller competitor, Kuaishou Technology, also has a pending IPO of $ 5.4 billion. Following Douyin, Uber Technologies Inc, China's most trending video service provider is preparing for the world's largest internet public offering on February 5th. However, uncertainty still persists for China-based ByteDance. Will the Biden administration maintain Trump's stance? Founded by Zhang Yiming in 2012, ByteDance was recognized for its popular worldwide TikTok app. The application, which has a young userbase, has 100 million members just in the USA. However, in 2020, Trump argued that the said practice posed a national security threat and banned its services. Following Trump's decision, Oracle and Walmart Inc. agreed to buy 20 percent of TikTok.