08:39 AM EDT, 03/15/2024 (MT Newswires) -- TikTok's US revenue hit $16 billion, and its parent company ByteDance is on track to become the biggest social media outlet in the world, with $120 billion in 2023 revenue, the Financial Times reported.

The report came as the privately held Chinese-owned video-sharing app is on the verge of being banned in the US unless it finds a non-Chinese buyer.

The Financial Times cited people with knowledge of the matter as saying ByteDance generated $120 billion in 2023 revenue, up 40% from a year earlier, and recorded a profit of $28 billion. Meta (META) reported $135 billion in 2023 revenue, up 15% from a year earlier.

ByteDance did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 493.33, Change: +1.5, Percent Change: +0.3