Owner of TikTok- ByteDance reported a net income to the tune of $3 billion during the course of 2019
The report was sighted in Bloomberg’s study on Wednesday citing people who are familiar with the matter. According to the study, the fast-growing company more than increased its sales from $7.4 billion in 2018 to $17 billion in 2019, and reports it now has a $6 billion cash pile.
Founded in 2012 by billionaire Zhang Yiming, ByteDance currently has a private value estimated from $105 billion to $110 billion, rendering it the world’s most valued company. One analyst speculated to Bloomberg that an initial public offering could be worth up to $180 billion.
Headquartered in Beijing, ByteDance has been backed by the likes of the Sequoia venture capital firm SoftBank and Silicon Valley.
ByteDance also operates Duoyin, TikTok ‘s Chinese edition and a news channel, Toutiao.
Yet TikTok is the show’s star right now. Since its launch in 2016 it has seen its popularity boom and the app has been downloaded more than two billion times, according to Sensor Tower, an app monitoring firm. The app lets people share short clips of up to 15 seconds, and its users are fans of lip syncs, dances, and tricks, often to music.
TikTok announced earlier this month that it’s hired Disney’s streaming head, Kevin Mayer, as its new CEO.
Regardless of its positioning, TikTok has had to grapple with a number of contentious issues as it soared to fame. The US government launched a national security review on the acquisition of Musical.ly by ByteDance last November. It is said that the U.S. government is concerned that the Chinese company may censor politically sensitive content, and is concerned about how user data is stored.
In the U.S., the main TikTok office is based in Los Angeles, Mountain View and New York. Outside the US, the company’s largest office is in London.