This is the world's most profitable startup

Credit card fraud rises, labor markets slide and Disney World reopens

May 29, 2020 | Current events | Business
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TikTok's profits rock

ByteDance, the parent company of TikTok, had a dance-worthy 2019, more than doubling its 2018 revenue to bring in $17 billion, largely driven by TikTok's 1.5 billion loop-loving users. It's rare for startups to achieve profitability early (see: Uber, Lyft, DoorDash), but ByteDance has managed to turn a record $3 billion dollars net profit off the power of viral dances, all to the tune of a $110 billion valuation. Not bad for an app launched stateside in 2017.

While unemployment hopes rock-bottom is over

2.1 million Americans filed for unemployment last week, the eighth consecutive week of declining unemployment claims since March 28th's peak of 6.9 million. That said, total unemployment claims during the pandemic still rose to reach 40 million, equivalent to 1 out of every 4 workers in the United States.

Hide your credit cards...

While credit card purchases are down, credit card fraud is up: the dollar volume of illegal transaction attempts rose 35% compared to April of last year, per a WSJ report. Despite a decline in card transactions at brick and mortars during the pandemic, a surge in phishing attempts (deceptive emails, phone calls and texts) from WFH thieves has raised the fraud rate. On the bright side: most of these attempts were caught with no charge to the buyers' accounts.

And don't forget your sunscreen

Because we're going to Disney World. In mid-July. With temperature screenings, facemasks and a ban on both parades and fireworks as the company hopes their phased opening will breathe life back into the theme parks that earned $26 billion last year. But still, we're going (no word on Disneyland quite yet). And we've gotten used to waiting in line.



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