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New findings show TikTok has shattered lobbying records with a 326% QoQ surge amid increased scrutiny on china links.
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According to an analysis by Stocklytics.com ByteDance, the parent company of TikTok, has witnessed a notable 326% surge in its lobbying expenditure from Q3 2022 to Q3 2023. The firm’s federal lobbying now stands at approximately $7.4 million.
The company has significantly increased its lobbying efforts amidst growing scrutiny of the video-sharing app.
Stocklytics Financial analyst remarked on the data:
“ByteDance has set new records by pouring unprecedented sums into federal lobbying. They have spent more in the first three quarters of 2023 than any prior year. In Q3 2023 lobbying activities, the firm also marked a historic high, with over $3.7 million spent. This set a new company record for federal lobbying in a single quarter.”
A TikTok spokesperson attributed the higher expenditure to a unique settlement of Restricted Stock Units as part of employee compensation. ByteDance faced increased attention in the last quarter due to changes in stock grant rules and a significant stock buyback plan. This further lowered its valuation despite profitability.
The full story and statistics can be found here: TikTok Shatters Lobbying Records with a 326% QoQ Surge Amid Increased Scrutiny on China Links
