|Bid||279.70 x 1000|
|Ask||279.98 x 1000|
|Day's range||273.76 - 283.45|
|52-week range||137.10 - 304.67|
|Beta (5Y monthly)||1.18|
|PE ratio (TTM)||31.34|
|Earnings date||27 Jan 2021|
|Forward dividend & yield||N/A (N/A)|
|1y target est||325.50|
Roku (NASDAQ: ROKU) and Facebook (NASDAQ: FB) have both generated big returns for investors since their public debuts. Roku went public at $14 a share in 2017, closed at $23.50 the first day, and is now worth nearly $430 per share. Facebook went public at $38 a share in 2012, barely budged on the first day, but eventually surged to about $270 per share.
(Bloomberg) -- ByteDance Ltd.’s revenue more than doubled to about $35 billion last year, defying heightened global competition and Trump’s attempt to ban its signature video service TikTok in the U.S.The Chinese company managed to grow operating profit to roughly $7 billion in 2020 from less than $4 billion the prior year, a person familiar with the matter said. That’s in a year when former U.S. president Donald Trump sought to ban TikTok and force its sale to American investors led by Oracle Corp. With Joe Biden in office, the company is moving closer toward listing part of its social media empire in Hong Kong. The Information first reported on ByteDance’s 2020 financials.ByteDance’s phenomenal growth stems from the global success of teen phenom TikTok and its Chinese twin Douyin, which helped pioneer a new form of social video and undercut rivals from Facebook Inc. to Tencent Holdings Ltd. Last valued at about $180 billion, the company is said to be exploring an initial public offering for some of its businesses in Hong Kong, including Douyin. A ByteDance spokesperson declined to comment.An eventual IPO would follow smaller competitor Kuaishou Technology’s impending $5.4 billion debut. Kuaishou, which operates China’s most popular video service after Douyin, is slated to list Feb. 5 in the world’s biggest internet IPO since Uber Technologies Inc.Read more: ByteDance Seeks Funds at $180 Billion Value Before IPO of AssetsBut one major uncertainty remains for ByteDance: whether the Biden administration will follow through on its predecessors’ actions.Founded by Zhang Yiming in 2012, ByteDance built TikTok into one of the most popular apps around the world, with more than 100 million users in the U.S. alone. The startup has more than quadrupled revenue from just $8 billion in 2018 and now posts sales on par with the likes of Nike Inc. and Coca-Cola Co.But the Trump administration labeled the app a security threat and banned the service last year, contending the Chinese government could compel ByteDance to turn over the data of millions of young American users. Oracle and Walmart Inc. then agreed to buy 20% of TikTok in a complex deal blessed by the former president.Biden’s immediate priorities are curbing the pandemic and resuscitating the economy, and he has had little to say so far about TikTok. It’s possible ByteDance could work out a compromise with the new president that allows it to retain full or majority ownership -- provided it can demonstrate American user data is secure.Read more: India TikTok Ban Threatens China’s Rise as Global Tech PowerBeyond the U.S., ByteDance has been stymied in India, where the government has banned scores of Chinese apps since June in the wake of deadly Himalayan border clashes. TikTok was among a clutch of services permanently banned after the latest skirmish, forcing its Chinese owner to scale back in the country, once its largest market globally.“We have steadfastly worked to comply with the Indian order from June, even as we disagreed with it,” TikTok said in an emailed statement Wednesday. “Given the lack of feedback from the government about how to resolve this issue in the subsequent seven months, it is with deep sadness that we have decided to reduce our workforce in India.”As the TikTok and Indian sagas raged, Zhang has put more effort into nascent Chinese-focused businesses from gaming and education to e-commerce, while fine-tuning ByteDance’s management structure, the person said, asking not to be identified discussing internal matters.During a December town hall meeting attended by ByteDance’s 100,000-plus employees, Zhang said TikTok’s user growth slowed in 2020’s second half because of new competition from Youtube and Snap Inc., according to attendees who asked not be identified discussing private events. But he emphasized that its growth potential still outstripped Douyin’s, they said.Read more: TikTok Tug-of-War Ensnares App’s Affable Billionaire Founder(Updates with Indian scale-back from the ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- A wealthy contingent of technologists has joined a movement calling for the removal of Gavin Newsom as California governor. Chamath Palihapitiya, a venture capitalist who popularized the blank-check company, said he’s running for Newsom’s place.Palihapitiya, a former Facebook Inc. executive, promoted the recall campaign, sparked in part by the Democratic governor’s response to the coronavirus pandemic, in a tweet Monday night. Palihapitiya used the hashtag #RecallGavinNewsom and posted a link to a new website for the billionaire’s gubernatorial bid.“California is a mess—it’s too expensive, our teachers are underpaid, and our schools aren’t good enough,” reads Palihapitiya’s one-page campaign website. His platform calls for the elimination of state tax, a $70,000 salary for teachers and a payment of $2,000 for each child born in California. Many proposals emphasize keeping people and business in California after the state’s population declined for the first time since at least 1900.The recall campaign had been propelled by followers of QAnon and other extremists, according to the Los Angeles Times. It faces long odds of succeeding in the Democrat-dominated state. It needs 1.5 million certified signatures, or 12% of the initial vote turnout, to force a special election for governor. State Republicans have tried and failed five times to force a recall election, each time before the pandemic.Dan Newman, a Newsom spokesman, said in a statement earlier this month that the recall campaign is a waste of taxpayers’ money and that the governor has taken “bold action” to fight the pandemic.But now, fueled by anger about Covid-19-related restrictions and slow vaccine distribution, the effort has been gaining traction. Supporters said Monday that 1.2 million of the 1.5 million required signatures have been collected ahead of the mid-March deadline.Some of the campaign’s largest contributors come from tech. Doug Leone, a billionaire venture capitalist at Sequoia Capital, and his wife donated a combined $100,000 last week. The family of Dixon Doll, another VC, has given $100,000, too. David Sacks, a tech executive who donated $60,000 to Newsom’s 2018 campaign, now supports the recall. Jacqueline Sacks, his wife and CEO of apparel startup Saint Haven, gave $25,000 last week. These donations alone amount to 16% of amount raised by the Rescue California committee.David Sacks expressed support for Palihapitiya’s campaign on Bloomberg TV Tuesday, referring to him as a “centrist Democrat,” and criticizing Newsom’s pandemic policies. “If you listen to most scientists, they’ve changed their minds about lockdowns,” Sacks said.Unlike many other recall supporters in Silicon Valley, Palihapitiya is a consistent supporter of Democratic Party candidates and causes. He has donated more than $1.3 million since 2010. All donations were to Democrats or Democrat-affiliated groups, with the exception of a $5,000 contribution to Ted Cruz’s Senate campaign in 2011. California records show no donations from Palihapitiya to groups affiliated with the recall effort.As Palihapitiya lays the groundwork for an unexpected run in public office, he continues to pursue a scattering of investments in startups, public stocks and blank-check ventures, also known as special purpose acquisition companies. On Monday, before the political tweet, he invested in two SPAC deals. On Tuesday morning, he said he bought call options in GameStop Corp., the video game retailer that’s the target of short sellers, an activist investor and stock speculators on the website Reddit.(Updates with quote in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.