Wall Street's Oldest Newsletter Covering Internet Stocks
Three years ago, Musical.ly didn’t exist. According to the Wall Street Journal the company was just acquired for $1 Billion. The official Musical.ly Twitter account retweeted Gary Vaynerchuk's tweet linking to the WSJ article, essentially confirming the acquisition.
The acquirer is Bytedance, maker of the popular Chinese news app Toutiao, which recently raised money at a valuation of $20 billion. This is the same company that acquired Flipagram earlier this year.
Musical.ly has taken off with the teens and tweens, who use the app to make lip-syncing videos, and use Musical.ly's live streaming app, Live.ly, to hang out with friends virtually.