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https://sputniknews.com/asia/202101271081894129-tiktok-owners-revenue-more-than-doubles-in-2020-despite-us-pressure-reports-say/
MOSCOW (Sputnik) – Chinese language tech big Bytedance Ltd, the proprietor of video-sharing software TikTok, noticed its income greater than double in 2020 regardless of former US President Donald Trump’s makes an attempt to ban the service, sources acquainted with the corporate instructed the Bloomberg company on Wednesday.
All through 2020, ByteDance’s income rose to $35 billion and the corporate’s working revenue elevated from $4 billion in 2019 to $7 billion this previous yr, the supply stated.
ByteDance is reportedly looking for financing forward of its preliminary public providing that can put the corporate’s worth at $180 billion.
Whereas in workplace, the Trump administration tried to crack down on Chinese language tech apps, resembling TikTok and the messaging service WeChat. In early September, then-US Commerce Secretary Wilbur Ross introduced that downloads of the 2 aforementioned functions can be banned from September 20.
The choice was later pushed again to November 12 because the US authorities sought to steer ByteDance to promote TikTok to Oracle, though federal judges in the USA ultimately blocked the Trump administration from imposing the ban.