Disputes, Employee Misconduct Rattle Centerview’s Silicon Valley DreamsRead more

ByteDance founder Zhang Yiming. Photo by Bloomberg

ByteDance Plans to Double Down on China Expansion While TikTok Sale Possible

Photo: ByteDance founder Zhang Yiming. Photo by Bloomberg

Facing the threat of a U.S. ban on TikTok, the app’s Chinese owner, ByteDance, has told some investors that it plans to focus more on growth in its home market by expanding into new sectors and trying to develop another hit app, says a ByteDance investor.

Even as ByteDance has faced growing international pressure on TikTok, its Chinese business has boomed. ByteDance’s advertising revenue is expected to rise 60% to as much as $27 billion this year, while the company will also generate revenue from ecommerce. The growth is coming mostly from its Chinese family of apps such as Douyin, a short-form video app similar to TikTok, and Toutiao, a news feed. In the first quarter, ad revenue was north of 40 billion yuan ($5.7 billion) according to a person briefed on the figures. 

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Former Apple design chief Jony Ive and OpenAI CEO Sam Altman. Photos by Getty.
Designer Jony Ive and OpenAI’s Sam Altman Discuss AI Hardware Project
Jony Ive, the renowned designer of the iPhone, and OpenAI CEO Sam Altman have been discussing building a new AI hardware device, according to two people familiar with the conversations.
From left to right: Blair Effron, Robert Pruzan and David Handler. Photos by Getty; Tidal Partners.
Exclusive Finance
Disputes, Employee Misconduct Rattle Centerview’s Silicon Valley Dreams
The San Francisco Bay Area–based bankers at Centerview Partners, the investment bank that advised Silicon Valley Bank’s owner and Credit Suisse through recent turmoil, got two doses of bad news last week.
From left, a Google TPU, Broadcom CEO Hock Tan and Google Cloud chief Thomas Kurian. Photos via Getty, Google and YouTube.
Exclusive google semiconductors
To Reduce AI Costs, Google Wants to Ditch Broadcom as Its TPU Server Chip Supplier
Google executives have extensively discussed dropping Broadcom as a supplier of artificial intelligence chips as early as 2027, according to a person with direct knowledge of the effort.
Art by Clark Miller
Exclusive startups entertainment
MasterClass Takes a Crash Course in Frugality
MasterClass had a problem with the shoot featuring its latest star instructor, Walt Disney Co. CEO Bob Iger.
Photos via Eiso Kant (left) and YouTube/VMWare Tanzu (right)
AI Agenda startups ai
How GitHub Copilot’s Co-Creator Raised $126 Million to Compete with His Former Employer
Recent interest in artificial intelligence has focused on large-language models that aim to do everything from writing Shakespearean poetry to solving math riddles.
Art by Clark Miller
The Big Read policy
Europe Has Figured Out How to Tame Big Tech. Can the U.S. Learn Its Tricks?
Late last month in Belgium, Sen. Elizabeth Warren (D-Mass.) had a pressing question for Paul Tang, a Dutch politician and member of the European Parliament.