Uber no longer most valuable startup
Bytedance, a Chinese tech company helmed by a little-known 35-year-old entrepreneur, has overtaken Uber as the world’s most valuable startup. The surging startup received the nod, according to CB Insights, when Softbank’s latest $1.5 billion investment in the company pushed its value past $75 billion. Software engineer Zhang Yiming founded Bytedance six years ago as a news aggregation app powered by artificial intelligence. The company’s optimistic valuation stems from its unique creation of an internet experience “that’s a cross between Google and Facebook.” For now, Bytedance will need to focus on its most pressing challenge: becoming profitable.
June 4, 2019