sold to Toutiao owner Bytedance for $880M-$1B

One of the week's biggest stories was the sale of three-year old, which began as a China-based education startup but pivoted right before running out of cash into a hit among US youngsters. rose to 60 million monthly users, but issues always seem to linger. The way the team deals with privacy issues around young people using an app -- posting videos that are quite often suggestive in nature -- and the China-US gap always stood out. Now Bytedance is adding its vast tech smarts -- including an impressive focus on AI and using data -- to help unlock the Chinese market and other parts of Asia, where it has no real presence but Toutiao does, and double down on North America. This acquisition definitely feels like a important moment for Chinese tech companies and their continued growth in the US.


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