Chinese Bytedance wanted to buy Snap and Twitter
Quote from Ndubuisi Ekekwe on July 1, 2019, 11:37 AMThe Wall Street Journal reported late last week that China’s Bytedance, owner of the popular app TikTok, “considered” buying Snap (worth $19 billion) and Twitter ($27 billion). Fortune’s Eamon Barrett wondered recently if TikTok can make money, let alone buy massive rivals. (Fortune)
Sometime in 2018, executives at Snap Inc. realized their biggest advertiser was also a rising competitor. It was an addictive app featuring cat videos, pranks and people doing robot dances. The Chinese video-sharing app TikTok was splurging by spending nearly $1 billion on advertising for the year, according to a person familiar with the spending, helping turn it into the first ever Chinese consumer-tech company to break out big in the U.S.
The Wall Street Journal reported late last week that China’s Bytedance, owner of the popular app TikTok, “considered” buying Snap (worth $19 billion) and Twitter ($27 billion). Fortune’s Eamon Barrett wondered recently if TikTok can make money, let alone buy massive rivals. (Fortune)
Sometime in 2018, executives at Snap Inc. realized their biggest advertiser was also a rising competitor. It was an addictive app featuring cat videos, pranks and people doing robot dances. The Chinese video-sharing app TikTok was splurging by spending nearly $1 billion on advertising for the year, according to a person familiar with the spending, helping turn it into the first ever Chinese consumer-tech company to break out big in the U.S.
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