Media today quoted people familiar with the matter as saying that the parent company, ByteDance, is in talks with banks to borrow $2 billion. Currently, the overseas version of TikTok is challenging apps such as Facebook and Snapchat in the U.S. and other parts of the world. Analysts said the loan would provide financial support for the byteDance.
ByteDance is now the world’s most valued start-up, with a $75bn valuation in last year’s capital raising, the latest round of funding as it continues to expand globally through TikTok and other applications. Today, ByteDance a lot of money in global marketing and hiring more talent.
Today, TikTok has more than 1.5 billion downloads worldwide. Research firm Sensor Tower reported earlier this month that TikTok had downloaded more than 1.5 billion downloads in the iOS App Store and Google Play Store, and had 614 million downloads this year, up 6 percent from a year earlier.