TikTok storms the social media scenery.
The mother company of youngsters’ social media, TikTok, just passed a valuation milestone. During these past couple of days, ByteDance has been evaluated at more than US$100 billion. Rumor has it that the company is now worth US$140 billion. This increase made ByteDance be the most valuable startup in the world ever. In just two years, it has risen more than 33%.
The company wants to expand its horizons into other areas such as e-commerce and gaming. For this year, it hopes to hire about 40,000 people, matching Alibaba.
Unlike its new rival, which grew in the past two years, Facebook has been stagnant for the past 19 months. Moreover, the ad revenue decreased by 98% because of the pandemic, but the overall revenue grew because people started using social media more often during these difficult times. Analysts believe that the company could be on plus after the pandemic ends. To be more customer and business-orientated, Facebook and Instagram will allow people to set up rent-free online shops. According to Morgan Stanley and Deutsche Bank analysts, the potential revenue could be between $4 billion to $30 billion. Facebook’s current market value is $655.21 billion.
The next in line, as far as value is concerned, Instagram is worth around $100 billion, about one-fifth of Facebook’s market cap.
Out of all social media networks famous now, Twitter has the lowest value - $25.29 billion. Due to the pandemic, which stopped the product launches and high-profile events (the primary sources of revenue), the value dropped by 20%.
The current market value puts ByteDance in the same line with Tencent and Alibaba conglomerates.
Sources: Bloomberg.com, investors.com, macrotrends.net, the street.com
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