Sources: some US investors in ByteDance, seeking to take over TikTok, are valuing the social media app at ~$50B, 50x its projected ~$1B revenue in 2020
Reuters reporting that Tiktok parent ByteDance has received a proposal from investors including Sequoia and General Atlantic at a value of $50B... Tiktok 50x projected 2020 revenues. Snap, by comparison, is valued at 15x projected 2020 revenues. https://www.reuters.com/...
Mnuchin confirmed to reporters at the WH this morning that TikTok is under CFIUS review, and that “we'll be making a recommendation to the president. We have lots of alternatives.”
Meanwhile Trump said they'll be watching today's antitrust hearing very closely — “no question that what the big tech companies are doing is very bad,” without specifying what conduct he's referring to.
In 50 years we will have the distance to understand there was more then business and the normal business of governments in this issue. The TikTok issue will stand as a demarcation to far more deeper issues that will be obscured by simple tech origins arguments. https://twitter.co…