TikTok was founded in 2016 in China by Zhang Yiming. The company is owned by Chinese internet technology firm Bytedance. While Bytedance remains a private company, TikTok Global, the product's American offshoot, has reportedly considered an IPO following the launch of a partnership with Oracle.
TikTok is a social media platform for creating, sharing, and discovering short videos. The platform has exploded in popularity, surpassing Google as the most popular website in 2021. The platform has raised more than $100 million in venture capital funding. While TikTok's parent company, Bytedance, has been valued at upwards of $300 billion, the company was seeking a $60 billion valuation for its TikTok platform at the time of the Oracle deal.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.