- TikTok owner ByteDance is trading on the secondary market for $250 billion, Bloomberg reports.
- Investor confidence in the company has increased as it weighs an initial public offering.
- ByteDance was valued at $200 billion just a month ago and $140 billion in 2017.
ByteDance, the Chinese owner of video app TikTok, may be worth $250 billion – a valuation that beats Coca-Cola and far outranks Twitter, Bloomberg reports.
Coca-Cola is valued at $228 billion, and Twitter is $48.8 billion, according to Markets Insider data. Just last month, ByteDance was trading at a valuation of $200 billion on the secondary market, according to Bloomberg, citing people familiar with the matter.
In April 2017, the Beijing-based startup was valued at $140 billion, according to CB Insights. Shares have risen as the company considers an initial public offering and investor confidence increases, Bloomberg said, citing the sources.
ByteDance did not immediately respond to Insider’s request for comment.
ByteDance’s app TikTok has come under scrutiny in Western countries for potentially sharing user data with the Chinese government, but the company has denied the claims.
TikTok, which has more than 100 million active users in the US and about the same in Europe, previously had a spat with the US government, which was planning to ban the app under former President Donald Trump.
The company is now reportedly creating a Clubhouse-like app for China, as the exclusive audio platform sees success in the US and was blocked in China in February
