One of the more prominent investors is SoftBank, but ByteDance also secured financing from a syndicate of 12 other banks. But it was reportedly worth $400 billion as of October 2021, according to anonymous private equity trades that were shared online.īyteDance has had 12 rounds of funding, totaling $9.4 billion. This comes in the wake of the tragic deaths of some of its younger users while attempting TikTok challenges.īyteDance, TikTok’s parent company, is a private company and doesn’t have a proven market value. That initiative includes a page that advises younger users to avoid distressing content or harmful challenges. TikTok also announced a new initiative to protect its younger users in February 2022. TikTok plans to begin implementing the strategy in early 2023. In April 2022, TikTok announced a strategy to locally store its European users’ data. For instance, it has been accused of harvesting user data and storing it in China without user consent. One of the biggest criticisms of TikTok has been how it handles user data. Eight new users join TikTok every second, HootSuite reported in 2022. ![]() In addition to its one billion active monthly users, it was the most-downloaded app in 2021, with 656 million downloads. This algorithm has helped TikTok grow at an eye-popping rate. The BBC reported in 2020 that TikTok has an “extraordinarily powerful algorithm, which learns what content users like to see far faster than many other apps.” The way the app is designed could keep users scrolling for extended periods. Nevertheless, there is no shortage of reasons to desire this type of investment. Neither TikTok nor ByteDance is publicly traded right now, meaning that investing money directly in TikTok or ByteDance isn’t possible yet. It also owns Xigua Video, a Chinese video-sharing platform comparable to YouTube. In addition to TikTok, ByteDance has other products, such as Lark, a communication and collaboration platform. In late 2021, Yiming stepped down as the chairman of ByteDance, passing his role to Liang Rubo, who now serves as both the chairman and CEO. ![]() TikTok users rapidly increased in number, reaching more than 3.5 billion downloads by early 2021. In August 2018, TikTok merged with Musical.ly and entered the U.S. ByteDance is based in Beijing, China, though the company has offices in major cities worldwide, including New York, Los Angeles, Sydney, Mumbai, Paris, and Berlin.īyteDance launched TikTok in China under the name Douyin in 2016 before launching it internationally in 2017 using the TikTok name. TikTok’s parent company, ByteDance Ltd., is a Chinese company founded in 2012 by Zhang Yiming. While many users engage with the platform via its smartphone apps on iOS and Android, it is also possible to access TikTok via a web browser. TikTok is a popular video-sharing app where users create and share videos up to 10 minutes long.
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