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Former Secretary of the Treasury Steven Mnuchin is assembling a group of investors to bid for the acquisition of TikTok amid reports of the app's significant financial success. TikTok's US revenues reached $16 billion last year, contributing to ByteDance's overall revenue of $120 billion in 2023, up 40% year-over-year. The potential TikTok sale is estimated to have a valuation of $100 billion, or $40 billion without the algorithm, positioning ByteDance to potentially surpass Meta as the world's largest social media firm.
A look at a potential TikTok US sale, with an estimated valuation of $100B, or $40B without the algorithm, as Steven Mnuchin and others form investor groups (Axios) https://t.co/7GjIPinU33 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/btcFdV2NdU
Former Secretary of the Treasury #StevenMnuchin announced that he is putting together a group of investors to submit a bid for the acquisition of social media platform #TikTok. https://t.co/Vq81yLyOuv
"ByteDance racked up $120bn in revenues in 2023, up about 40 per cent from a year earlier.... TikTok has hit $16bn in sales in the US" "Meta reported $135bn in revenues last year, up 16 per cent from 2022." 🤔
