TikTok is easily one of the most popular social media sharing apps right now, and it claims to have a mission to ‘inspire creativity and bring joy’ to its users. The app was founded in China by Zhang Yiming, who isn’t too forthcoming with press conferences and interviews.
While not a lot is known about the man behind the app, TikTok itself is known to plenty of people worldwide. In fact, it now has millions of users uploading content to the platform every month.
Let’s do a deep dive into TikTok, how it’s used, and its net worth.
TikTok Net Worth
Because TikTok is a private company, it’s difficult to know exactly how much it’s worth. However, there are estimates, the most recent one is that it has been valued at $50 billion. TikTok’s parent company, ByteDance, is worth $180 biliion.
Zhang Yiming founded TikTok back in 2012, and while it didn’t gain the popularity that it has today for a long time, it is now more successful than potentially any other networth out there. Yiming personally is worth more than $27 billion, which makes him the 9th wealthiest person in China.
TikTok’s Primary Source of Revenue
TikTok lets its users create short videos that they can share with friends and their audience. It comes with a huge number of filters, effects, and features, and it is reminiscent of the app Vine that got big back 2013.
TikTok lets its users film their own video which can last as long as 15 seconds. Users can overlay effects and sound clips to make the videos more interesting. Most of the time, videos include comedy skits, as well as lip-syncing.
There are currently quite a few TikTok shareholders investing in this hugely profitable company. These include Goldman Sachs, Morgan Stanley, Bank of China, Tiger Global Management, and CMB Wing Lung Bank.
The Future for TikTok
The company was perfectly positioned to become even more popular during COVID in 2020, and in the first quarter alone, it was downloaded more than 300 million times. It currently has more active monthly users than Snapchat and Twitter.
However, one of the biggest things getting in the way of TikTok’s success has been the U.S. government.
The U.S. government has attempted to ban the app in the states, as a result of security concerns. A deal was made for Walmart and Oracle to take over the U.S. operations of the social media sharing app, but this deal hasn’t be finalised. If this deal fell through, then TikTok would have to find another way to access the U.S. market.
TikTok has a long way to go before it hits revenue numbers that can be compared with Apple. However, it shows a huge amount of promise with how many people use it around the world, and as more people continue to download it every day, it is showing no signs of slowing down at all.
With a huge net worth that is only set to get bigger, it looks like TikTok is here to stay, and here to do really well.
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