ByteDance on track for $50 billion profit in 2025, Bloomberg reports

Investing.com -- ByteDance Ltd., the Chinese company that owns TikTok, is set to reach approximately $50 billion in profits for 2025, marking a record year for the social media giant, Bloomberg reported Friday.

The Beijing-based firm has already accumulated about $40 billion in net income during the first three quarters of the year, according to Bloomberg, citing people familiar with the matter who requested anonymity. The company has already exceeded its internal profit target for 2025.

ByteDance’s financial success comes amid ongoing scrutiny of TikTok in the United States. The Biden administration previously led efforts to ban the platform, citing national security concerns related to its Chinese ownership.

In response to these challenges, ByteDance is finalizing plans to restructure TikTok’s U.S. operations. TikTok CEO Shou Chew informed employees that ByteDance has signed binding agreements to establish a joint venture that will be majority-owned by American investors, including Oracle Corp, according to a Bloomberg report from Thursday, citing an internal memo.

The deal’s completion still requires approval from Chinese regulators, which remains a critical condition for the transaction to move forward.