TikTok parent ByteDance is the most valuable privately owned company on the planet, and recent sales data reported by Bloomberg gives us a good reason why.
According to people “familiar with the matter”, sales at China's ByteDance surged to more than $110 billion (£86.9 billion) in 2023, eclipsing 2022 sales by more than a third.
If accurate, ByteDance’s revenues are comparable to China's gaming giant Tencent, but less than China's e-commerce megacap JD.com.
ByteDance has ramped up its e-commerce offering via TikTok Shop in a bid to diversify from its core social media output.
Earlier this year, it was reported that ByteBance aimed to quadruple its e-commerce sales to as much as $20 billion yearly.
ByteDance’s precise financial position is unknown given its status as a private corporation, but as its eyes up an initial public offering, the TikTok owner’s profit margins and earnings will become known
ByteDance was valued at around $268 billion earlier this month following an internal share buyback offer, making it the most highly valued private company ahead of Elon Musk’s SpaceX.