ByteDance, the parent company of TikTok, reported a significant revenue increase in the third quarter of 2023, with figures rising roughly 43% to reach $30.9 billion. This growth marks a notable acceleration, positioning the company's growth rate at nearly twice that of its competitor, Meta. Over the first nine months of the year, ByteDance's revenue surged by 40%, totaling $84.4 billion. In response to this financial success, ByteDance has announced a new employee share buyback program. The company's strategic adjustments and pricing policies aimed at targeting frugal shoppers in China have been credited for this financial performance.