NEWS

Tik Tok Owner Byte Dance: Valued $75bn


ByteDance, the $75bn Chinese start-up owner of TikTok, is planning for its initial public offering in the first quarter of next year in Hong Kong instead of New York.

While the ByteDance spokesperson negated the possibility of listing in the first quarter of next year.

ByteDance value was increased by double to $75bn last year in 2018 when $3bn funding was secured last year from Soft Bank.

Us Senators posed Tik Tok a national security threat and called for intelligence officials to investigate, which has become a teenage craze.

In India earlier this year Tik Tok was banned as considered inciting racial hatred and spreading pornography.

The company had hired an international law firm K&L Gates for public policy.