ByteDance, the Chinese parent company of TikTok, had a profit of $3 billion last year on revenue of $17 billion and has $6 billion in cash, Bloomberg reported. While the revenue figure isn’t surprising—it’s in line with projections leaked last year—the hefty profit margin and cash reserves show the startup doesn’t need an IPO to raise money right away. So far, however, nearly all of...
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What a Brazilian Steakhouse Says About the Tech Economy
Hi, welcome to your Weekend.One of my favorite tech memes is the “We’re so back” post, the kind that pokes fun at the industry returning to the good old days of expensive perks and wine-soaked dinners.I had a real-life “We’re so back” moment this week when I attended a bacchanalian feast thrown by Bain Capital Ventures at Fogo de Chão in San Francisco. Bain Capital’s private equity arm...
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