Social Network Creator ByteDance to Give Out Cash Bonus

Amid micro and macroeconomic headwinds that ByteDance braved in the months past, the Chinese firm’s revenue is still sturdy.

It announced to give cash bonuses to employees as a gratitude for helping the company in times of challenges and distress.

ByteDance acknowledged the hard work and dedication that its 60,000 constituents exemplified in the year in an internal sent to its employees.

According to sources, the bonus could reach hundreds of millions of yuan. But the exact amount was not available to the public’s knowledge.

In past reports, its chief executive Zhang Yiming said that his employees had been working “endless hours,” especially when the United States announced its plan to ban the social network app TikTok.

It follows the same move that Huawei priorly made. Last year, the multinational technology company gave out a $293 million cash bonus to its employees, along with the US blacklisting.

The initiative is the company’s reward to its staff as a form of gratitude. It recognized employees’ dedication and effort to keep the business afloat, even in the face of challenges.

ByteDance is Still Soaring

The threat of TikTok’s ban from the United States could have sent ByteDance investors fleeing for their lives.

The potential ban will enter into force in November. Just as mentioned in President Trump’s executive order, which grants the social network app a 90-day reprieve to settle its US operations sale.

In August, the firm recorded an $88.1 million revenue, mostly pulled by TikTok’s Chinese version called Douyin.

The social network recorded an impressive user base in the mainland. It thereby accounted for 85% of ByteDance’s total revenue last month.

Similarly, the parent company recently acquired IUPay, a payment service based in China. This signifies its interest in expanding its portfolio from social network to finance-related ventures.