ByteDance, the Chinese company behind internet sensation TikTok, is now worth more than $100 billion.
ByteDance’s valuation has increased at least by a third to higher than US$100 billion in current private share transactions based on expectations that TikTok will keep pulling in sponsors amid the Covid-19 pandemic.
Stock in the world’s most valuable start-up has shifted hands lately at a price that implies its value has raised more than 33 percent from about US$75 billion during a major round of funding a couple of years ago.
Some of those deals rated the Chinese company at as much as US$140 billion. Though these Trades are private events and may not fully match broader investor expectations.
ByteDance has grown into a strong online force in recent years, thrust in part by TikTok, a short video platform that has taken teenagers all over the world by storm. Investors are interested to have a portion of the company that attracts some 1.5 billion monthly active users to a family of apps that includes Douyin, TikTok’s Chinese twin, as well as news service Toutiao.