ByteDance is valued $250 billion, a value that beats CocaCola and Twitter and is planning to go Public soon

bByteDance is a multinational internet technology company based in Beijing, China but is legally domiciled in the Cayman Islands. The company was founded by Zhang Yiming is 2012 and is operating range of content platforms that educate, entertain and inspire people of different languages and culture across the globe. The most popular app owned by ByteDance at the moment is TikTok, which since the day it has been launched has soared to new heights every day. Especially in this global COVID-19 pandemic where many people were forced to stay at home and quarantine themselves, for entertainment people started looking out for more options and then came TikTok, the number one platform that provides just that. The popularity TikTok was able to achieve due to this pandemic has not been achieved by anyone else. At the present time, TikTok has around 700 million users and most of its audience is from the United States. It has marked itself as the seventh largest social media platform beating Twitter and Pinterest who have been on the same board for quite some time. The app has also been subjected to much news, one of which includes it being banned by the former president of the United States Mr. Donald Trump for his concerns over privacy breaches.

As reported by Bloomberg, ByteDance is worth approximately $250 billion, a value that beats Coca-Cola and Twitter. According to Markets Insider data, Coca-Cola is said to be valued at $228 billion and Twitter at $48.8 billion. ByteDance was able to achieve this price point due to the popularity that TikTok has received especially in 2020 during the global COVID-19 pandemic.

It is on the news that ByteDance is actually going public soon. The company has hired Chew Shou Zi as its Chief Financial Officer and it is rumored that he was the person behind Xiaomi Corp’s market debut. This has of course given the company the confidence as they know that ByteDance will flourish even more with having an experienced CFO. The company’s financial records also prove that it will be a good decision investing in a company like this that is reaching new heights of success every day. The company is reported to have had its revenue double to around $35 billion in 2020 and has grown its operating profile to around $7 billion from less than $4 billion last year.

It has also been reported that the company is actually planning onto developing a Clubhouse like app exclusively for China. For those of you who aren’t familiar with Clubhouse, it is an app that features invitation only audio chat rooms and was launched in August of 2020. The app at the moment is only for iPhone users and just only by that has received enormous success in the United States. The app got banned in China in February.

Photo: Imaginechina / AP

Read next: TikTok To Join Hands, Raise Awareness To End Wildlife Online Trafficking And Conservation
Previous Post Next Post