ByteDance plans to raise $2 billion with a total valuation of $180 billion

According to anonymous Bloomberg sources, one of the investors may be Sequoia, which already has a stake in the company.

Prior to that, ByteDance also raised $3 billion in 2018 with a total valuation of $75 billion. The company was last valued at $140 billion, but new investments could raise this figure by another $40 billion.

Now ByteDance is the world’s largest private technology company. Last year, the Chinese giant earned $17.2 billion, and in 2020 it forecasts revenue of $28.7 billion. At the same time, 15% of this amount will be on TikTok.

At the moment, 60 thousand employees work in ByteDance. By the end of the year, the company plans to hire another 10,000 people, and its founder Zhang Yiming is aiming for a figure of 100,000 employees.

ByteDance has long been planning to make its key assets, Douyin (the Chinese version of TikTok) and Toutiao (a news aggregator), public. At the moment, they are the main drivers of growth for the company, and despite the growing popularity of TikTok in the world, it is local services that bring it the greatest income.

Now the main competitor of ByteDance is Kuaishou Technology, which has developed the popular video sharing application Kwai. The company’s largest shareholder is Tencent, and last week it announced preparations for an IPO worth $5 billion.

In addition to competing in the Chinese market, ByteDane continues to fight against the possible blocking of TikTok in the United States. Sequoia, which partially participated in the negotiations on the sale of a share of the American part of the Oracle and Walmart business, also helps them in this.

Also on the topic:

• A new trial in the TikTok case will take place in early NovemberThe US authorities will challenge the temporary ban on TikTok
• Trump approved the purchase of TikTok by American companies Oracle and Walmart
• Is there any news?