Sometime in 2018, executives at Snap Inc. realized their biggest advertiser was also a rising competitor. It was an addictive app featuring cat videos, pranks and people doing robot dances. The Chinese video-sharing app TikTok was splurging by spending nearly $1 billion on advertising for the year, according to a person familiar with the spending, helping turn it into the first ever Chinese consumer-tech company to break out big in the U.S.
TikTok has also flooded Facebook Inc. and Instagram with ads, rattling the social-media giants by targeting their audiences on their own turf.
Its Beijing-based parent, Bytedance Inc., is now among