Shai Oster

The Chinese social network and games giant took part in a round of funding that raised $50 million for the San Francisco-based startup, which was valued at $3.25 billion before the new investments.

The chip manufacturing facility by the world’s largest semiconductor maker would be its first advanced manufacturing plant in the U.S.

The extraordinary rebuke to China’s most lauded tech entrepreneur whose apps have become embedded in the daily lives of hundreds of millions of Chinese shows the fragile status of private enterprise under the authoritarian regime.

Revenue was 14.2 billion yuan ($2.14 billion) while net losses fell to 784.7 million yuan from 2.3 billion yuan a year earlier.

ByteDance has surpassed Chinese search engine Baidu to become the world’s second biggest digital advertising platform in terms of spending.