Despite Chinese companies coming under increased regulatory oversight,ByteDance, owners of TikTok today surpassed Ant Group to become the world’s largest unicorn (a privately-held startup company with a value of over $1 billion).
According to the Hurun Research Institute global ranking, as of November 2021, out of the 1,058, the USA had 487 start-ups while China came a distant second with 301 start-ups.
ByteDance of Beijing, whose popularly knowned app TikTok has a global subscriber base of 1 billion people, surpassed Facebook as the most valuable social media company when its valuation increased by exactly 28.9 percent from USD270 billion to USD350 billion by December 2020.
Its biggest rival in China, Ant Group, an affiliate of Alibaba Group Holding and operator of online payment platform Alipay, was valued at a distant second at USD150 billion.
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