TikTok's owner is raking in cash

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TikTok's parent company, ByteDance, saw a 60% revenue increase in 2023, Bloomberg reported. TikTok has driven ByteDance's recent success, allowing it to break into global e-commerce markets. This growth came as Congress debated, and then passed, a bill that could ban TikTok in the US. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Revenue to ByteDance, TikTok's parent company, grew by about 60% last year, blowing its competition out of the water. The company's earnings jumped from $25 billion in 2022 to $40 billion in 2023, Bloomberg reported. That success was powered by "TikTok Shop," which helped ByteDance, a Chinese company, break into international e-commerce markets in the United States and Southeast Asia. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .