ByteDance's profit surged to over $40 billion in 2023, boosted by TikTok's success with 170 million American users, becoming more profitable than Tencent for the first time.
ByteDance is diversifying with initiatives like TikTok Shop and e-commerce in Douyin, while also aiming to compete with OpenAI with chatbots and language models.
The U.S. House passed a bill requiring ByteDance to sell TikTok or face a ban; bipartisan support and prominent Republican voices, including Mike Pence and Mitch McConnell, have raised concerns about Chinese influence.
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