TECH

Owner of TikTok, Bytedance is valued at more than $ 100 billion, says agency

ByteDance has been valued at more than $100 billion in private markets, according to information from the Bloomberg news agency on Wednesday, 20. The owner of TikTok would have grown by at least a third of its previous value - from $75 billion - , increasing the number of advertisers on the platforms even during the coronavirus pandemic.
Some of the transactions, reported by sources close to the subject, suggest that the value of the Chinese company may have reached $140 billion. Applications such as TikTok and its Chinese version, Douyin, and the news service Toutiao, are some of those responsible for the growth in popularity and value of ByteDance.
In the past few months, the company has seen its main product, TikTok, be the second most downloaded application on smartphones and arouse the concern of giants, such as Facebook, in the internet market, despite US accusations and investigations regarding security and platform privacy.
This Tuesday, 19, the company also announced Walt Disney's chief streaming executive, Kevin Mayer, as executive president of TikTok, to further strengthen the team. In investments, ByteDance has names like SoftBank, General Atlantic and Sequoia.
With the success - and prosperity in the business world - the Chinese company has also announced that it will explore other segments, such as electronic games. At the beginning of this year, ByteDance began a major process of hiring professionals, which expected to fill around 40 thousand job vacancies, in a process of expanding technology and products.

Bloomberg