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TikTok owner's valuation exceeds $100 billion in private markets: Report
Posted on 21st May 2020
ByteDance valuation has risen at least a third to more than $100 billion in recent private share transactions, people familiar with the matter said, reflecting expectations the owner of video phenomenon TikTok will keep pulling in advertisers.

Stock in the world’s most valuable start-up has changed hands recently at a price that suggests its value has risen more than 33 per cent from about $75 billion during a major round of funding two years ago, the people said, asking not to be identified because the matter isn’t public. Some trades recently valued the Chinese company between $105 billion and $110 billion on the secondary markets, some of people said. It has also traded as high as $140 billion, one person said.

The trades are private transactions and may not fully reflect broader investor expectations. Stock in the secondary market is usually valued at a discount to primary shares since it’s less liquid and there are fewer financial details on company performance available to investors.

“The trading of ByteDance is reflective of the global wave of consumers who agree that ByteDance can displace Facebook as the leading social network,” said Andrea Walne, a partner at Manhattan Venture Partners who follows the secondary markets.

In the past decade, Bytedance is surpassed only by Alibaba Group Holding and Ant Financial Services Group as companies that have traded at a higher premium in the secondary market, she added.

ByteDance has grown into a potent online force propelled in part by a TikTok short video platform that’s taken US teenagers by storm.

Investors are keen to grab a slice of a company that draws some 1.5 billion monthly active users to a family of apps that includes Douyin, TikTok’s Chinese twin, as well as news service Toutiao. That’s despite American lawmakers raising privacy and censorship concerns about its operation.

This week, it poached Walt Disney Co. streaming czar Kevin Mayer to become chief executive officer of TikTok.

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Gold prices slump to Rs 48,900 per 10 gm, Silver rallying at Rs 51,950 a kg
Posted on 11th July 2020
Gold prices on Saturday fell to Rs 48,900 from Rs 49,100 per 10 gram, while silver climbed to Rs 51,950 from Rs 51,900 per kilogram, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

Facebook plans to ban political ads before US Presidential election: Report
Posted on 11th July 2020
Facing intense criticism from all quarters, Facebook is planning to ban political ads on its platform like Twitter does as the US inches closer towards the presidential election in November, the media reported on Saturday.

According to a report in CNN Business citing sources, the potential ban on political ads to reduce the spread of disinformation has been under consideration since last fall.

RIL closes four Jio stake sale deals, receives Rs 30,062 cr from investors
Posted on 11th July 2020
After Facebook Inc, Reliance Industries has closed deals to sell a minority stake in its digital arm to four other investors, receiving a total of over Rs 30,062 crore.

In a regulatory filing, Reliance said it has closed the sale of 6.13 per cent stake in Jio Platforms with L Catterton, The Public Investment Fund, Silver Lake and General Atlantic.

Kolkata: Eden Gardens to be used as COVID-19 quarantine facility for police personnel
Posted on 11th July 2020
Kolkata Police can now use the galleries of Eden Gardens stadium as a makeshift quarantine facility, the Cricket Association of Bengal (CAB) on Friday said.

A meeting at Kolkata Police Headquarter, Lal Bazaar, took place at the Chamber of Special Commissioner Jawed Shamim. It was attended by CAB president Avishek Dalmiya.

India sees 27,114 new coronavirus cases, tally crosses 8 lakh-mark
Posted on 11th July 2020
In another highest single-day spike of coronavirus cases, India on Saturday reported 27,114 new cases in the last 24 hours. As many as 519 deaths were reported during this period.

With this, the country's total count has crossed the eight lakh-mark.

The total number of positive cases in the country stands at 8,20,916, including 2,83,407 active cases, 5,15,386 cured/discharged/migrated and 22,123 deaths, according to the Ministry of Health and Family Welfare.

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