Media: ByteDance capitalization dropped to $275 billion
TikTok‘s parent company continues to get cheaper. According to Bloomberg, ByteDance is valued at $275 billion in the secondary market — last year its capitalization reached $ 460 billion.
It is assumed that the fall is due to a deterioration in investor sentiment towards China. They are concerned that the country’s authorities are increasingly controlling technology corporations, and this may affect ByteDance’s business. In addition, investors doubt that ByteDance will decide on an IPO in the near future, which was previously one of the most anticipated in the segment.
Recently, ByteDance has faced a lot of problems. In particular, according to media reports, she was forced to close the 101 Studio game development studio, cutting over a hundred employees.
