The value of the parent company of Tiktok, ByteDance, has increased by over 33% from about $75 billion it recorded during a major round of funding two years ago to more than $100 billion, private sources who spoke to Bloomberg News disclosed.
The valuation puts the Chinese company, as high as $140 billion; however, the transactions are done in the private market and may not fully reflect its real worth.
ByteDance has significantly risen to become a popular social platform in recent years, boosted in part by a TikTok short video app that is taken most teenagers around the world by storm.
Investors are rushing in to have a bite of the world’s most valuable startup based on the fact that it draws some 1.5 billion monthly active users to a family of apps ByteDance owns (news service Toutiao ,Douyin)
What you need to know TikTok is a social-media app created in China that is presently downloaded more often than its western rivals like Facebook, Whatsapp, and Instagram.
(READ MORE: Chinese TikTok announces $250 million pledge to aid combat coronavirus)
How it works Tiktok users are offered an endless stream of videos no longer than a minute each. They can show whatever interest they choose in and with an upward click on the app and can skip a video they do not like.
Meanwhile, ByteDance is spreading its operations in newer arenas such as gaming and e-commerce.
ByteDance started 2020 with a wave of hiring new employees hitting 40,000 to match Alibaba’s headcount at a time companies in the world were reducing staffs
