The fact is that DouYin, the Chinese TikTok, run by the same parent company is making billions of dollars every year, and expects to make more and more every year. It is eating up Alibaba's market share in e-commerce. And before DouYin and TikTok, TouTiao, the other product by ByteDance was making billions every year. 2021 revenue is $58b, I don't think ByteDance is losing money. It is merely accounting.