ByteDance: Market value could be higher than Coca-Cola and Twitter
The owner of the Chinese app TikTok, ByteDance, could reach a market value of US$ 250 billion, a valuation that would make it surpass Coca-Cola and Twitter. The information is from Bloomberg. ByteDance is currently trading at around $200 billion on the secondary market.
The trend is towards growth
The growth trend in ByteDance's market value in the coming months, according to Bloomberg, would be due to the possibility of the company considering an initial public offering (IPO) soon, which would have improved investor confidence.
“ByteDance is one of the few Chinese internet companies that has not yet gone public, with good growth in business, talent and products,” said Shawn Yang, managing director at Blue Lotus Capital Advisors. “That’s something the hot money is going after.”
Such growth would make ByteDance worth more on the market than Coca-Cola, valued at $228 billion, and Twitter, at $48,8 billion, according to information from Market Insider. At its last primary market valuation, the Beijing-based startup was worth $140 billion, according to CB Insights.
Investigations
ByteDance's flagship product, and the main driver of the company's market value, Tiktok has been under investigation by Western countries for sharing user data with the Chinese government. The controversy is reported in detail in the book "TikTok Boom: China, the US and the Superpower Race for Social Media”, by English journalist Chris Stokel-Walker, from Bloomberg. The Beijing company denies the allegations.
Last year, ByteDance also faced a collapse under former President Donald Trump, who tried to ban TikTok in the US. The app currently has more than 100 million active users in the United States – the same number in Europe.
In China, the Beijing-based company is turning its attention to launching an app similar to Clubhouse. The iPhone-only audio platform was blocked in the Asian country in February.
Through which channels you reach those people, classic and out of the box. Business Insider
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