Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File PhotoTikTok owner ByteDance saw its  revenue grow  70% year on year to about $58 billion in 2021,  slower growth than a year earlier as China tightens its regulation of big tech companies.According to two people familiar with the matter the numbers were revealed to a small group of employees at an internal meeting of the social media giant this week .In 2020, the Beijing-based company's total revenue grew by over 100% to $34.3 billion, Reuters has reported. ByteDance did not immediately respond to a request for comment.Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a sweeping crackdown by the country's regulators, who have rolled out new rules for how they operate and interact with their users. According to a recent report by market research firm Interactive Marketing Lab Zhongguancun, ByteDance held its second position in China's online advertising market last year with a 21% market share.The number one position was still held by e-commerce giant Alibaba Group (9988.HK), and third place went to gaming giant Tencent Holdings (0700.HK), according to the report.The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm. read moreIn November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO. Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower. 

Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File PhotoTikTok owner ByteDance saw its  revenue grow  70% year on year to about $58 billion in 2021,  slower growth than a year earlier as China tightens its regulation of big tech companies.According to two people familiar with the matter the numbers were revealed to a small group of employees at an internal meeting of the social media giant this week .In 2020, the Beijing-based company's total revenue grew by over 100% to $34.3 billion, Reuters has reported. ByteDance did not immediately respond to a request for comment.Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a sweeping crackdown by the country's regulators, who have rolled out new rules for how they operate and interact with their users. According to a recent report by market research firm Interactive Marketing Lab Zhongguancun, ByteDance held its second position in China's online advertising market last year with a 21% market share.The number one position was still held by e-commerce giant Alibaba Group (9988.HK), and third place went to gaming giant Tencent Holdings (0700.HK), according to the report.The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm. read moreIn November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO. Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower. 

Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File PhotoTikTok owner ByteDance saw its  revenue grow  70% year on year to about $58 billion in 2021,  slower growth than a year earlier as China tightens its regulation of big tech companies.According to two people familiar with the matter the numbers were revealed to a small group of employees at an internal meeting of the social media giant this week .In 2020, the Beijing-based company's total revenue grew by over 100% to $34.3 billion, Reuters has reported. ByteDance did not immediately respond to a request for comment.Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a sweeping crackdown by the country's regulators, who have rolled out new rules for how they operate and interact with their users. According to a recent report by market research firm Interactive Marketing Lab Zhongguancun, ByteDance held its second position in China's online advertising market last year with a 21% market share.The number one position was still held by e-commerce giant Alibaba Group (9988.HK), and third place went to gaming giant Tencent Holdings (0700.HK), according to the report.The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm. read moreIn November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO. Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower. 

Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File PhotoTikTok owner ByteDance saw its  revenue grow  70% year on year to about $58 billion in 2021,  slower growth than a year earlier as China tightens its regulation of big tech companies.According to two people familiar with the matter the numbers were revealed to a small group of employees at an internal meeting of the social media giant this week .In 2020, the Beijing-based company's total revenue grew by over 100% to $34.3 billion, Reuters has reported. ByteDance did not immediately respond to a request for comment.Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a sweeping crackdown by the country's regulators, who have rolled out new rules for how they operate and interact with their users. According to a recent report by market research firm Interactive Marketing Lab Zhongguancun, ByteDance held its second position in China's online advertising market last year with a 21% market share.The number one position was still held by e-commerce giant Alibaba Group (9988.HK), and third place went to gaming giant Tencent Holdings (0700.HK), according to the report.The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm. read moreIn November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO. Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower. 

Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File PhotoTikTok owner ByteDance saw its  revenue grow  70% year on year to about $58 billion in 2021,  slower growth than a year earlier as China tightens its regulation of big tech companies.According to two people familiar with the matter the numbers were revealed to a small group of employees at an internal meeting of the social media giant this week .In 2020, the Beijing-based company's total revenue grew by over 100% to $34.3 billion, Reuters has reported. ByteDance did not immediately respond to a request for comment.Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a sweeping crackdown by the country's regulators, who have rolled out new rules for how they operate and interact with their users. According to a recent report by market research firm Interactive Marketing Lab Zhongguancun, ByteDance held its second position in China's online advertising market last year with a 21% market share.The number one position was still held by e-commerce giant Alibaba Group (9988.HK), and third place went to gaming giant Tencent Holdings (0700.HK), according to the report.The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm. read moreIn November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO. Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower. 

Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File PhotoTikTok owner ByteDance saw its  revenue grow  70% year on year to about $58 billion in 2021,  slower growth than a year earlier as China tightens its regulation of big tech companies.According to two people familiar with the matter the numbers were revealed to a small group of employees at an internal meeting of the social media giant this week .In 2020, the Beijing-based company's total revenue grew by over 100% to $34.3 billion, Reuters has reported. ByteDance did not immediately respond to a request for comment.Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a sweeping crackdown by the country's regulators, who have rolled out new rules for how they operate and interact with their users. According to a recent report by market research firm Interactive Marketing Lab Zhongguancun, ByteDance held its second position in China's online advertising market last year with a 21% market share.The number one position was still held by e-commerce giant Alibaba Group (9988.HK), and third place went to gaming giant Tencent Holdings (0700.HK), according to the report.The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm. read moreIn November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO. Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower. 

Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File PhotoTikTok owner ByteDance saw its  revenue grow  70% year on year to about $58 billion in 2021,  slower growth than a year earlier as China tightens its regulation of big tech companies.According to two people familiar with the matter the numbers were revealed to a small group of employees at an internal meeting of the social media giant this week .In 2020, the Beijing-based company's total revenue grew by over 100% to $34.3 billion, Reuters has reported. ByteDance did not immediately respond to a request for comment.Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a sweeping crackdown by the country's regulators, who have rolled out new rules for how they operate and interact with their users. According to a recent report by market research firm Interactive Marketing Lab Zhongguancun, ByteDance held its second position in China's online advertising market last year with a 21% market share.The number one position was still held by e-commerce giant Alibaba Group (9988.HK), and third place went to gaming giant Tencent Holdings (0700.HK), according to the report.The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm. read moreIn November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO. Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower. 

Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard logo in this illustration taken January 18, 2022. REUTERS/Dado Ruvic/IllustrationHedge funds, which make profits by speculating on precarious takeovers, got a treat this week when Microsoft Corp (MSFT.O) agreed to buy "call of duty" maker Activision Blizzard (ATVI.O) for US$68.7 billion dollars in cash. The transaction requires antitrust laws. Approved in the United States and other major jurisdictions, including the European Union and China. It comes at a time when President Joe Biden's administration is taking a closer look at large mergers, blaming some of them for raising prices to consumers that are fueling inflation.Activision's shares ended trading at $82.15 on Wednesday, well below the $95 per share deal price, reflecting concerns that regulators may shoot down a combination that would create the third biggest gaming company, after Tencent and Sony Group Corp (6758.T).This infers a 57% chance of the deal closing, based on Activision's closing share price of $65.39 before the deal was announced.The wide spread gives investors willing to bet on whether the deal will be completed the opportunity to score double-digit returns. At a time when so-called merger arbitrage strategies have trailed the broader stock market's returns, it is an attractive but also risky proposition.Last year, merger arbitrage funds returned nearly 10% according to Hedge Fund Research data, beating returns posted in 2020, 2019 and 2018, but trailing the broader S&P 500 stock market's 27% gain in 2021.For some investors, Aon's (AON.N) scuttled $30 billion acquisition of Willis Towers Watson (WTY.F) as the U.S. Justice Department sued to block the deal hurt returns.Now they are looking to come back, hoping that this deal will also force competitors into making deals of their own."The positive outlook for event-driven and merger-arbitrage oriented firms in 2022 has been accelerated with the Microsoft-Activision deal," said Hedge Fund Research Inc President Ken Heinz.Microsoft and Activision gave themselves until June 2023 to complete the transaction, giving hedge funds months to handicap how regulators will react to Microsoft bundling its Xbox platform with Activision's popular games, such as World of Warcraft and Diablo.Investors may get hints on the Biden administration's stance soon as the Federal Trade Commission is expected to weigh in on defense contractor Lockheed Martin's (LMT.N) planned $4.4 billion acquisition of Aerojet Rocketdyne (AJRD.N) and the Justice Department will decide on healthcare insurer UnitedHealth's (UNH.N)$13 billion bid for healthcare analytics and technology vendor Change Healthcare (CHNG.O).Coverage finds such as Millennium, Tiesemann consultant and pentwater capital spend a piece of their fusion bets, and many have occupied Microsoft and Activision for some time.Mutual funds The Merger Fund run by Westchester Capital Management and The Arbitrage Funds run by Water Island Capital offer similar strategies.