The valuation is for TikTok's parent company ByteDance which has a large number of products and investments including a really popular news aggregation app in C

The valuation is for TikTok's parent company ByteDance which has a large number of products and investments including a really popular news aggregation app in China. Also, TikTok in China, which is its largest market, is popular with everyone, young and old. It got to the point of threatening WeChat. CEOs of Tencent and ByteDance had a huge spat a while back.