History
2021: Preparing for Listing
In May 2021, it became known that the owner of TikTok - the company ByteDance intends to challenge Alibaba in the e-commerce arena.
The founder of the company, Zhang Yiming, hired thousands of employees and contacted well-known sponsors to implement what he calls his next "major breakthrough" in the global business - selling goods to consumers with exciting short videos and live broadcasts.
Its startup Douyin is already beginning to gain momentum in an industry long controlled by Alibaba Group Holding Ltd. and JD Inc. Jack Ma. In 2020, he sold cosmetics, clothing and other goods worth about $26 billion, reaching six years in the first year of what Alibaba's Taobao took.
By 2022, the company plans to reach a volume of more than $185 billion, and preparations are underway for listing.
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