In contrast, sources have reported, ByteDance generated benefits of more than $ 3 billion from revenues of more than $ 17 billion in 2019, as reported by Bloomberg News. The company is already worth $ 140 billion, says firm CB Insights.
In just a few years, TikTok has become one of the most popular apps in the world, especially among teens. Its influence has drawn the ire of the Trump Administration, which argues that the Chinese ownership of the app makes it a threat to national security.
At the end of 2018, TikTok had few employees in the UK. The app has expanded rapidly, hiring hundreds of employees from its social media rivals, and has considered making London its international headquarters. The company has not made any decisions, according to a person familiar with the plan.
"As of today, the TikTok community numbers over 100 million people across the UK and Europe and we are excited about our potential for future growth," said a TikTok spokesperson. "These results reflect an early period of development and investment for TikTok in the UK, and should be taken in that context."
The future of TikTok's global business remains uncertain. US President Donald Trump gave his blessing in mid-September to a preliminary plan in which ByteDance would have to sell part of TikTok to Oracle Corp., Walmart Inc., and US investment firms Sequoia Capital, KKR & Co. and General Atlantic, to create a new independent company called TikTok Global. That deal has been stuck in limbo for months.
The UK report said that "a number of strategic options are being considered in relation to the future operating structure of TikTok's global business," but added that any changes would not have a direct impact on the UK business.