The social media app TikTok, owned by ByteDance, has experienced significant success with over a billion users worldwide. In 2023, ByteDance reported a 60% revenue increase, largely driven by the success of TikTok. This growth has allowed ByteDance to expand into global e-commerce markets, particularly with the introduction of “TikTok Shop.”
However, TikTok’s popularity has also attracted the attention of US Congress. There are ongoing discussions about potential bans on the app in the United States. The bill would require ByteDance to sell the TikTok division to an American company or face a shutdown. Members of Congress are facing pushback from their children who use TikTok regularly and fear that a ban could negatively impact President Joe Biden’s reelection campaign.
Recent news regarding ByteDance’s revenue growth coincided with reports that the company had been using OpenAI’s technology to develop an AI chatbot. This revelation drew criticism from the AI community and raised concerns about potential violations of OpenAI’s terms of service. While ByteDance has not yet commented on these reports, experts anticipate a legal battle if they are forced to sell the TikTok division in the US. The future of TikTok in the United States remains uncertain as discussions continue regarding its potential ban.
