TikTok owner estimate exceeded $ 100 billion
US, WASHINGTON (ORDO NEWS) — The cost of ByteDance TikTok social network company has exceeded $ 100 billion, Bloomberg sources said. In some transactions, the company was valued at $ 140 billion, one of them said..
The valuation of the Chinese company ByteDance, which owns the TikTok social network, grew by at least a third and exceeded $ 100 billion, sources familiar with the situation told Bloomberg. Prior to this, the most expensive startup in the world was valued at $ 75 billion – such an estimate was set by investors during a major round two years ago.
According to interlocutors of Bloomberg, recently there have been several transactions for the sale of shares in ByteDance. In some of these deals, ByteDance was valued at $ 140 billion, one source said. The deals are private transactions and may not fully reflect the broader picture of investor expectations, Bloomberg notes.
In recent years, ByteDance has evolved into a powerful force, Bloomberg emphasizes. In part, the success of the TikTok social network contributes to this, but the company’s applications also include Douyin (the Chinese “twin” TikTok) and the news service Toutiao, the agency said. This week it became known that the new TikTok COO will be Kevin Mayer, who led the streaming services at Disney.
Last October, Bloomberg sources said that ByteDance was at a very early stage in exploring the possibility of a public offering of shares abroad. Before considering the idea of initial placement in the USA or Hong Kong, the company focuses on expanding its staff and strengthening international activities, the agency said.
Increased value raises ByteDance to giants such as the financial conglomerate HSBCH and chip maker IBM, Bloomberg notes. In China, the company has now found itself face to face with Internet giants Tencent and Alibaba.
ByteDance declined to provide a comment to Bloomberg.
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