Companies and investment firms have also approached ByteDance about acquiring TikTok, which crossed the 2 billion downloads mark in April, according to Sensor Tower, a data firm that evaluates mobile apps. The bid values TikTok at 50 times its projected 2020 revenue of $1 billion, giving it a higher valuation than competitor Snap which is valued at $33 billion, 15 times its projected 2020 revenue, according to data provider Refinitiv. ByteDance executives have reportedly valued TikTok at more than $50 billion so it is unclear if Zhang Yiming, the billionaire founder of ByteDance and TikTok, will take the offer. There is no certainty that ByteDance will agree to any deal, sources told Reuters. That is Yiming’s net worth, based partially on his reported 24% ownership in ByteDance, according to Forbes estimates.

Source: Forbes July 29, 2020 15:45 UTC