According to CB Insights, Chinese AI company Bytedance, parent company of TikTok, is the highest-valued startup – currently private, up-and-coming company – in the world. The venture which is valued at $140 billion is running content platform Toutiao in China, which uses machine learning to tailor a newsfeed for each individual viewer out of traditional and new media sources. Earlier this summer, the U.S. government announced it was considering banning Chinese social media apps, including the highly popular app TikTok.
The second highest-valued startup according to CB Insights is also from China – ride-hailing service Didi valued at $56 billion, while Elon Musk's space company SpaceX took third place in the list of unicorns, valued at $46 billion as of September. U.S companies now make up 60 percent of the top 10, the remaining startups being Chinese or Indian. According to CB Insights, there are more than 400 unicorn startups (companies valued at $1 billion or more) in the world as of September 2020.