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The value of Chinese company ByteDance, which owns video service TikTok, has surpassed $250 billion in the secondary market, Bloomberg reported citing sources. Based on this valuation, ByteDance is worth more than US oil and gas corporation Exxon Mobil (capitalisation $240.29bn) and soft drink maker Coca-Cola ($229.06bn).
The company was valued at $140bn in its latest funding round, according to data from analyst firm CB Insights. However, a Bloomberg source claims that just a month ago ByteDance was privately traded at a valuation that would have valued the entire company at $200bn.
Last week, ByteDance hired former Xiaomi international division president Shou Zi Chew as chief financial officer, sparking rumors of a possible IPO, Bloomberg says. More than two years ago, Shou oversaw Xiaomi's IPO.
In 2020, Donald Trump, who was president of the US at the time, decided to block TikTok from the country as a national security threat. To continue operating, ByteDance agreed to sell its US assets to Oracle and Walmart.
However, after Trump left, TikTok's owner abandoned his plans, and the new President Joe Biden's administration decided to conduct its own security risk assessment of US user data. ByteDance later agreed to pay $92 million in a class action lawsuit alleging privacy breaches of some US TikTok users' personal data.
source: bloomberg.com
The company was valued at $140bn in its latest funding round, according to data from analyst firm CB Insights. However, a Bloomberg source claims that just a month ago ByteDance was privately traded at a valuation that would have valued the entire company at $200bn.
Last week, ByteDance hired former Xiaomi international division president Shou Zi Chew as chief financial officer, sparking rumors of a possible IPO, Bloomberg says. More than two years ago, Shou oversaw Xiaomi's IPO.
In 2020, Donald Trump, who was president of the US at the time, decided to block TikTok from the country as a national security threat. To continue operating, ByteDance agreed to sell its US assets to Oracle and Walmart.
However, after Trump left, TikTok's owner abandoned his plans, and the new President Joe Biden's administration decided to conduct its own security risk assessment of US user data. ByteDance later agreed to pay $92 million in a class action lawsuit alleging privacy breaches of some US TikTok users' personal data.
source: bloomberg.com
