ByteDance: annual revenue 2019-2023

In 2023, Beijing-based ByteDance reported approximately 120 billion U.S. dollars in revenues, up by about 50 percent compared to the previous year. ByteDance, also the owner of the popular Chinese news and content app Toutiao, has seen its major social video app TikTok faces several controversies since its stellar rise to popularity, especially in the United States. Alleging national security concerns, U.S. governmental institutions have been pushing the possibility to ban the app from the country, as India did in June 2020. Almost 30 percent of U.S. citizens strongly approved of the U.S. government's request that the Chinese owners of TikTok sell their stakes. With its stock debut being on hold, the firm offered to repurchase up to five billion U.S. dollars worth of shares from investors in December 2023, totaling 268 billion U.S. dollars.