ByteDance Ltd, the Chinese tech giant, which owns the video-sharing app TikTok, more than doubled its revenue in 2020 despite attempts by former US President Donald Trump to block the service.
According to reports from internal sources for Bloomberg today, ByteDance’s revenues in 2020 reached $ 35 billion, and the company’s operating profits increased from $ 4 billion in 2019 to $ 7 billion last year.
according to mentioned, ByteDance is alleged to be seeking financing ahead of its initial public offering that will put the company’s value at $ 180 billion.
While in office, the Trump administration tried to restrict Chinese tech apps, such as TikTok and the messaging service WeChat. In early September, then US Commerce Secretary Wilbur Ross announced that the aforementioned two apps would be banned from downloading from September 20 onwards.
The decision was later postponed until November 12 when the US government tried to persuade ByteDance to sell TikTok to Oracle, although US federal judges eventually prevented the Trump administration from enforcing the ban.