- TikTok's parent company ByteDance expects revenue to increase by 60% in 2023, Bloomberg reported.
- TikTok has driven ByteDance's recent success, allowing it to enter the global e-commerce market.
- This growth comes as Congress debates and passes a bill to ban TikTok in the United States.
TikTok's parent company ByteDance's revenue grew about 60% last year, outpacing its competitors.
The company's revenue soared from $25 billion in 2022 to $40 billion in 2023, Bloomberg reported.
Its success was driven by TikTok Shop, which helped Chinese company ByteDance enter the international e-commerce market in the United States and Southeast Asia.
But while TikTok's success brought record revenues, it also attracted the attention of the U.S. Congress. After lengthy debate, U.S. lawmakers in March passed a bill that would force ByteDance, or any company owned by a “foreign adversary,” to shut down TikTok in the U.S. unless it sells its TikTok division to an American company. It was approved. ByteDance is likely to challenge the forced sale in court.
Experts say a ban on TikTok could hurt President Joe Biden's re-election campaign as lawmakers face backlash from children who use the app. Former President Donald Trump initially pushed for a ban on TikTok during his time in office, but reversed course last month, saying the ban would “make Facebook bigger.”
“I consider Facebook an enemy of the people,” he said.
News of ByteDance's growth comes on the heels of revelations that the company is using OpenAI's technology to build its own AI chatbots. The AI community greeted this revelation with dismay. This also violated OpenAI's terms of service, The Verge reported.
ByteDance did not immediately respond to a request for comment from Business Insider on Wednesday.
