Social media platform TikTok owner’s value rise over $100bn

• Investors are confident that the social media platform will keep on attracting advertisers despite the global economic plunge due to coronavirus pandemic.

It seems that all the ongoing economic uncertainty going around has done little effect if any on the emerging social media platform, TikTok, as the Chinese startup has seen its owner's value rise to over $100 billion, in recent private share transactions.

With over a billion and a half strong user base, ByteDance Ltd.’s the owner of TikTok valuation increased by at least a third from about $75bn to $100bn, reported Bloomberg, as investors are confident that the social media platform, which was called the most successful startup will keep on attracting advertisers despite the global economic plunge due to coronavirus pandemic.

The report said that some of the private transaction valued the startup to at as much as $140 billion.

The Chinese tech startup has seen an exponential rise since its release in 2016 despite facing a number of controversies in its run. Just a day ago, it was learned that Walt Disney Co’s top streaming executive, Kevin Mayer, will leave the entertainment and theme parks giant to become the chief executive officer of TikTok, which allows users to create short videos with special effects, has become wildly popular with teenagers around the world doing viral challenges that pair dances with music clips from the app’s library.

In January, TikTok announced its ambitions to build a music streaming business, that it was partnering with U.K.-based music rights agency Merlin to expand its musical selections. It’s also strengthening its operations in newer arenas such as e-commerce and gaming.