Bytedance has surpassed its competitors, digital giants Tencent, and Alibaba. They reported profits of $23.9 billion and $22.5 billion dollars, respectively, in 2022. The Chinese company’s turnover reached nearly $85 billion, up 30 percent from the previous year.

TikTok has recently faced growing security concerns from governments around the world. In the U.S., owners are even being forced to sell their stakes in the company. However, Bytedance representatives said that the loss of TikTok would not be significant for financial health, although the platform has great potential given its growth in recent years.

A lot of Western governments and institutions have already banned TikTok. Officials in France, Estonia, Norway and Australia have been banned in recent weeks. Earlier, civil servants in Britain, the Netherlands, Belgium and New Zealand were forced to remove the app. At the end of February, two of the European Union’s largest political institutions, the Commission and the Council, banned TikTok on employees’ phones because of cybersecurity concerns.

Earlier, we reported that JPMorgan analysts predicted a recession in the U.S. market.