ByteDance Ltd is a Chinese multinational internet technology company headquartered in Beijing. It was founded by Zhang Yiming in 2012. ByteDance is reportedly worth over US$100 billion as of May 2020. ByteDance's core product, Toutiao, is a content platform in China and around the world. Toutiao started out as a news recommendation engine and gradually evolved into a platform delivering content in various formats, such as texts, images, question-and-answer posts, microblogs, and videos. ByteDance is the developer of the video-sharing social networking service Douyin (TikTok). On November 9, 2017, ByteDance acquired social media start-up Musical.ly for up to US$1 billion. They combined it with TikTok on August 2, 2018 into a single global application, keeping the TikTok name. It also runs and Vigo Video.
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