An expansion push for short-form video service TikTok has proven costly for parent ByteDance, which saw losses triple to more than $7 billion in 2021, according to an internal document leaked from the private company. ByteDance revenue grew by almost 80 percent in 2021, to $61.7 billion, and the company did manage to eke out an operating profit for Q1 2022, reports say, a significant benchmark. TikTok crossed the one billion subscriber threshold in less than five years — faster than any other social media firm. The company’s latest stock buyback plan puts its market valuation at $300 billion. Continue reading TikTok Parent ByteDance Sees Losses Rise but Shows Profit

Privately-held startup ByteDance, owner of TikTok, reported that its revenue more than doubled to $34.3 billion last year, rising 111 percent from a year ago while gross profit rose 93 percent to $19 billion. As of December 2020, ByteDance — which also runs Douyin, the domestic Chinese version of TikTok, and Jinri Toutiao, a news aggregation app — had about 1.9 billion monthly active users on all its platforms. Due to share-based compensation to workers, the company had a $2.1 billion operating loss last year. Continue reading ByteDance Revenue, Profit Leap in 2020 But No IPO in Sight

In its deal with Oracle, ByteDance is angling for majority ownership of TikTok. “Conceptually, I can tell you I don’t like that,” responded President Donald Trump, who is still in favor of U.S. majority ownership of the app’s operations. Although Trump admitted he hadn’t been briefed on the specifics of the deal, Senate Republicans and others are concerned that it falls short of the original goal. A source stated that Treasury Secretary Steven Mnuchin aims to ensure that U.S. ownership is “well over 50 percent.” Meanwhile, the Commerce Department, at President Trump’s direction, announced this morning that TikTok and WeChat will be banned from app stores in the U.S. beginning on Sunday. Continue reading TikTok-Oracle Deal Rests on Data Security, Ownership Details

Although Microsoft and Walmart’s joint bid was considered the leader to become the “trusted partner” of the U.S. operations of ByteDance’s social video app TikTok, cloud and platform services company Oracle has come out on top. The structure of the Oracle deal is still unknown, but one source said it will not be an “outright sale.” The White House and the Committee on Foreign Investment in the United States (CFIUS) still have to approve the proposal. President Trump stated he would ban TikTok if it isn’t sold by September 20. TikTok has about 100 million monthly users in the U.S. Continue reading More Details on Oracle’s Bid to Be TikTok’s Trusted Partner

According to sources, ByteDance and the U.S. government are discussing avoiding a full sale of TikTok’s U.S. operations. Although President Trump issued an executive order for ByteDance to do so by a November 12 deadline, the Chinese government restricted the export of AI technology, making the sale more difficult. One possibility is that TikTok will partner with a U.S. company that would help secure its data. Sensor Tower reported that, again, TikTok was the most downloaded non-gaming app globally in August 2020. Continue reading TikTok and U.S. Reportedly in Talks on Possible Partnership

Oracle Corporation is making a bid to buy the U.S. operations of TikTok, and President Trump has voiced his approval. Oracle cofounder and chair Larry Ellison held a fundraiser for Trump at his house earlier this year, and Oracle chief executive Safra Catz worked on Trump’s transition team in 2016. According to sources, Oracle has engaged in some preliminary conversations with minority TikTok owners, but it is unknown if the talks have advanced. Microsoft has also been in talks with TikTok and Twitter has explored a purchase. Continue reading Oracle Joins Microsoft and Twitter as Latest to Pursue TikTok

After weeks of negotiations and following a phone call between President Trump and Microsoft chief executive Satya Nadella, the company stated it will purchase TikTok’s U.S. operations. Microsoft will work to seal the deal — which will also include Canada, Australia and New Zealand — with ByteDance by September 15. Stating appreciation for Trump’s “personal involvement,” Microsoft added that U.S. users’ data would be transferred to and remain in the country. Trump earlier said he would ban TikTok from the U.S. Continue reading With Trump Approval, Microsoft to Acquire TikTok’s U.S. Unit