Excerpt from this article:
A Chinese internet company that serves up homemade break-dancing videos, dishy news bites and goofy hashtag challenges has become one of the planet’s most richly valued start-ups, with a roughly $75 billion price tag. And it has big plans for storming phone screens across the rest of the globe, too.
You may not have heard of the company, Bytedance. You may never have used any of its breezy, colorful apps. But your nearest teenager is probably already obsessed with Musical.ly, the video-sharing platform that Bytedance bought for around $1 billion last year and folded into its own video service, TikTok.
“Frankly, it’s meaningless stuff,” said Dong Yaxin, 20, a college student in Beijing who says he is active every day on Douyin, the Chinese version of TikTok.