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Chinas ByteDance leapfrogs Uber to becomes worlds most valuable startup

Move aside Uber, Chinas ByteDance is now the worlds highest-valued tech startup.
Thats according to reports from Forbes and Bloomberg both of which claim that the company has completed a $3 billion investment that values the company at $75 billion. A source with knowledge of the deal confirmed the round to TechCrunch and suggested that the value is pre-money, which, adding the round, would put ByteDances valuation at $78 billion. Thats ahead of Ubers most recent $72 billion valuation, although the ride-hailing giant is being tipped to go public next year at a valuation of up to $120 billion.
ByteDance did not respond to a request for comment.
We previously reported that ByteDance was in talks withKKR and General Atlantic, and they were joined by SoftBank in the round with Bloomberg reporting SoftBank plans to put in a total of around $1.8 billion which will include buying out some existing investors via secondary sales. On that note, the publication also claims that the round remains open to additional investors so the amount raised could increase.
ByteDance operates a range of digital media platforms, but it is best known for Toutiao, its AI-based news aggregator that has become one of Chinas most-used apps with over 120 million users, and short video platform TikTok, which recently gobbled up Music.ly which ByteDance acquired via a $1 billion acquisition last year.
But it isnt just popular in China.That TikTok-Music.ly merger is aimed at growing the platform globally, while ByteDance operates a number of Toutiao-like global services too. It has carefully fenced its Chinese and international versions, though. TikTok (500 million monthly users) and Chinese equivalentDouyin(300 million MAUs) are restricted to their respective markets, principally due to censorship concerns.

Ambitious new media firm ByteDance is no longer a secret outside of China
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