Despite a recent loss in profits, ByteDance posted a record profit in 2018.

Key Highlights :

1. ByteDance overtook China's Tencent and Alibaba in terms of profitability.

2. There is a lot of value in the company, and an outright ban on TikTok is unlikely.

3. There is no clarity about the IPO timeline.

     For the first time ever, China’s tech giants Tencent and Alibaba have been overtaken by US company Facebook in terms of market value. The social media giant’s stock price surged by more than 20% in after-hours trading on Wednesday, valuing it at $373 billion. This makes Facebook the world’s most valuable company for the first time.

     Facebook’s market value has now overtaken those of both Tencent and Alibaba, which were ranked first and second in the latest rankings. The Chinese tech giants had held onto their positions for years, but their market value has been steadily declining in recent years as Facebook has grown more popular.

     Facebook has been able to achieve this success by expanding its reach beyond the US market. The social media company has now been installed on mobile devices in more than 2.5 billion active users’ devices around the world, making it the most widely used app in the world. This has helped it to attract new users and grow its market value.

     However, Facebook is not the only company to have benefited from the growth of the internet. The global technology sector has grown by more than 10% over the past year, making it the fastest-growing sector in the world. This growth is due to the increasing adoption of internet technology by businesses and consumers around the world.

Continue Reading at Source : nzherald