ByteDance Ltd shot to fame primarily because of its famous social media app TikTok, which has become the latest fad among internet users. But what made the Chinese company gain massive traction over the past week in the stock market sphere is its present valuation.
While ByteDance is a privately held company and not available on the public markets yet, reports quoting sources said that private trading saw its valuation zoom past US$ 250 billion in the secondary market in recent weeks.
ByteDance’s valuation has spiked around the same time as reports of a possible initial public offering (IPO) began to crop up. Sources quoted by some media reported claimed that Mr Zhang Yiming is looking into an IPO but the transactions at the moment are being kept private.
Including its latest financing from a secondary market on Tuesday, March 30, ByteDance is said to have raised about US$ 7.4 billion in total from 11 rounds of funding, according to CrunchBase.