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.
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