A new $3 billion round of investment led by SoftBank has crowned China’s Bytedance the world’s most valuable startup, Bloomberg reports. Bytedance, the owner of popular karaoke video app TikTok and huge Chinese news aggregator Toutiao, is now valued at $75 billion, which takes it past Uber’s most recent figure of $72 billion.

Uber is reported to be considering an IPO for next year that would value it at $120 billion, but for now Bytedance is on top, which is a huge achievement for a company that until recently had very little presence outside China. TikTok, which was acquired as Musical.ly and merged into Bytedance’s own Douyin service as TikTok, is a major sensation among teens in the West, and has apparently already achieved the social…

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