Beijing-based ByteDance is considering a range of options for TikTok amid pressure from the United States to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with U.S. teenagers.
Beijing-based ByteDance is considering a range of options for TikTok amid pressure from the United States to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with U.S. teenagers. The app's success has helped turn ByteDance into one of only a handful truly global Chinese conglomerates.
The investors' bid values TikTok at 50 times its projected 2020 revenue of about $1 billion, according to the sources. By comparison, Snap is valued at 15 times its projected 2020 revenue, at about $33 billion, according to data provider Refinitiv. ByteDance was valued at as much as $140 billion earlier this year when one of its shareholders, Cheetah Mobile Inc, sold a small stake in a private deal, one of the sources said.
Sell, sell, sell! An opportunity like this comes around once in a lifetime. Politics, competition, antitrust, being banned in certain countries etc etc.. all this headache and TikTok has barely been around. Give majority control to a known/respected firm and cash out!
50 billion for an awful, annoying app 🤢
Just a few weeks back, ByteDance was valued at $100 billion.
The entry barrier for these social platform is not as high as some thinks. India has already found a replacement after the ban. 50 billion valuation is very overvalued.
Apps are the new overvalued tech stocks in Y20K.
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