TikTok Parent ByteDance Fell Behind in AI, CEO Says in Echo of Jack Ma, JDs Liu

ByteDance took a larger piece of the digital advertising market than fellow Chinese companies like Tencent and Baidu during the first half of 2019. ByteDance has overtaken Baidu to become the second-largest performer in China. ByteDance took 23% of all digital media to spend in the first half of the year 2019, which is equivalent to $7 billion. In the year 2006, Yimimg became the fifth employee and first engineer at the travel website Kuxun. In 2008, Yiming joined Microsoft, however found it tough to cope up with the company rules of Microsoft which made him leave Microsoft to join Fanfou (Twitter clone in China).

If you’re considering buying KKR to own ByteDance, you should make sure you like the other 98.1% of the company as well. If we assume KKR invested $250 million at $72 billion in 2018 and $500 million at $178 billion in 2020, its stake has grown to around $1.4 billion based on the current valuation, nearly double its investments of $750 million. There is no ByteDance or TikTok symbol and you cannot buy shares of it in your typical brokerage account.

  1. It quickly took off in markets like Southeast Asia, signaling a new opportunity for the company.
  2. In July, a US-Australian cybersecurity firm, Internet 2.0, published a report in which it said data collection on the app was “overly intrusive” and flagged a connection in the app to a server in mainland China, run by Guizhou BaishanCloud Technology Co Ltd.
  3. It also has others like TopBuzz, a platform that recommends trending videos and articles to users, and BaBe, a news aggregation app in Indonesia.
  4. ByteDance’s revenue increased to $ 17 billion in 2019, from $7.4 billion in 2018.
  5. On Public, you can Invest in stocks, ETFs, Treasuries, and cryptocurrencies, all on one of the most well-designed investing platforms.

ByteDance’s valuation peaked around $400 billion in 2021 when rumors of an upcoming IPO were circulating. If/when ByteDance goes public, you’ll be able to look up its stock symbol and buy it in your brokerage account. Since then, its IPO plans have been on ice and management has made no indication of when it will go public. As of November 2021, ByteDance was partially owned by global investors (60%), employees (20%), and co-founders Zhang Yiming and Liang Rubo (20%). If we assume it still holds a $1.1 billion stake, ByteDance makes up 2.0% of its market capitalization ($52.5 billion).

But Bytedance didn’t stop there – in 2017, Bytedance acquired social media start-up Musical.ly for an estimated US$ 1 billion to drive their global expansion. They umarkets review merged Musical.ly with TikTok in 2018, after which TikTok was made available worldwide. Perhaps the company’s most famous app is Douyin which was launched in 2016.

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This growing arm of ByteDance could be a “very big, large antenna,” he added—a way of pulling in a “big noisy mess of data,” filtering it through experts and then figuring out how to monetize it. On Public, you can Invest in stocks, ETFs, Treasuries, and cryptocurrencies, all on one of the most well-designed investing platforms. In an attempt to alleviate concern, TikTok proposed Project Texas, which would move all U.S. data into a third-party cloud that only a team of U.S. residents could access. In March 2023, The FBI and DOJ launched an investigation into TikTok and asked TikTok CEO Shou Zi Chew to appear before the House Energy and Commerce Committee. KKR is a $71.2 billion company, so this $1.4 billion stake in ByteDance represents 1.9% of its total business.

In 2021 Android phone users around the world spent 16.2tn minutes on TikTok. And while those millions and millions of users no doubt had an enjoyable time watching clips on the addictive social video app, they also generated a colossal amount of data. Most of us know ByteDance as the China-based parent company of video app TikTok, which was supposed to be banned in the United States. The researchers said in a new paper that StreamVoice can do ”real-time conversion” of a user’s voice to any other, so long as the user has just ”one utterance” of speech from the voice they want to imitate. The output occurs at the speed of livestreaming, with just 124 milliseconds of latency, the paper, which noted that AI voice-conversion technology thus far has mostly only been effective ”offline,” said.

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Amidst the coronavirus crisis, while many companies are busy cutting down their workforce, ByteDance in April 2020, announced that it is hiring staff to fill 10,000 vacant posts in different domains. In 2020, ByteDance is planning to hire 40,000 employees, in a bid to match Alibaba’s headcount. Besides, ByteDance is looking https://traderoom.info/ forward to strengthening its position in areas such as e-commerce and gaming. In order to go ahead, though, the deal must be approved by both President Trump and the Chinese government, thanks to new laws recently introduced by Chinese regulators that govern the sale of certain kinds of technology to foreign buyers.

In the current scenario, owing to the growing tension between China and many countries in the world, made-in-China products including apps are being boycotted by many countries like the USA, UK, Australia, Philippines, Vietnam, and India. Though the growing hate for China has led to ByteDance losing many users, but from the startup point of view, ByteDance no doubt has done a commendable job, as it rose to be the ’World’s most valuable startup’, just within 8 years of its inception. This article is a compilation of some important and fascinating facts and figures about ByteDance that you will love to know.

By funding employee stock options, accredited investors can gain investment exposure to private companies at past valuations, meaning you can buy in at the same valuation as private equity firms paid at the last funding round. Although the company had plans to IPO on either the NYSE or Nasdaq exchanges in 2021, this move was blocked by Chinese regulators. What’s more, an early investment in any of the above platforms would have generated massive returns. If you’re serious about marketing in China, we think it’s worth being familiar with ByteDance. In this post, we take a closer look at who Bytedance is, what you should know about them, and what might happen to TikTok in the US.

Is the clock ticking for Tiktok?

Currently, all TikTok user data is stored in Singapore and Virginia. TikTok is 100% owned and controlled by ByteDance, a private Chinese technology company. ByteDance, however, has a number of outside investors, two of which are public companies. In June of 2020, the popular video-sharing app launched TikTok for Business as a way for brands to run their own ads within the app.

Pirating videos was on the decline; it isn’t anymore

In July 2018, ByteDance said Douyin and TikTok had 500 million monthly average users (MAUs). That number could now be higher because the company said in January that Douyin alone had 500 million MAUs in China. The Chinese giant is now one of the most valuable private technology firms in the world, reportedly worth $75 billion, and owns a variety of apps from news aggregators to social media services. Spending data collected from TikTok Shop and in-app purchases could also be useful.

The researchers noted that ”recent language-model advancements” allowed them to create this tool. ByteDance is the Chinese company that owns TikTok, a social media platform that has become incredibly popular all over the world. Many platforms developed by ByteDance have received wide popularity. As estimated by mobile app analytics platform Apptopia, one of ByteDance’s top popular products TikTok’s revenue raised by 310% to over $50 million in the last quarter of 2019. During the past decade, ByteDance has proven itself time and again to be a spectacularly innovative and successful company.

Yet I worry that I am still relying too much on the ideas I had before starting the company, and haven’t challenged myself by updating those concepts. As an example, before 2017, I spent a lot of time keeping track of developments in machine learning. However, since then, while I do my best to bookmark technical articles online, I haven’t had the time to make much progress digging into the area. During technology meetings, this sometimes means I actually struggle to keep up with the discussion. Our success over the last nine years has been predicated upon our ability to innovate at just the right moment in the development of the industry. Notably, this has included applying machine learning to mobile and video products.

I said that often when companies mature and expand, many fall into the trap of the CEO becoming overly central — listening to presentations, handling approvals, and making decisions reactively. This leads to an over-reliance on existing ideas already in the company, and results in knowledge structures being slow to iterate. Recently, several colleagues have asked me why I haven’t updated my OKRs. Frankly, I feel I did not achieve as much as I had hoped to on my previous objectives in the areas of new strategic opportunities, organizational management, and social responsibility.