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TikTok operator ByteDance passes Uber as No.1 unicorn

Chinese developer behind popular 15-second video app valued at $75bn

Chinese video-sharing app Tik Tok, or Douyin, feeds users a stream of 15-second amateur videos of dance or musical performances and more.
Chinese video-sharing app TikTok, or Douyin, feeds users a stream of 15-second amateur videos of dance or musical performances and more.

TOKYO/BEIJING -- ByteDance, the Chinese startup behind hugely popular video-sharing app TikTok, has become the world's most valuable unicorn -- or privately owned company worth $1 billion or more.

The $75 billion-valued ByteDance has overtaken ride-hailing service Uber Technologies, the previous unicorn king, worth $72 billion. Japanese technology investor SoftBank Group is putting $3 billion into the startup this month through its SoftBank Vision Fund and other conduits.

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