This week we discovered that Bytedance, developer of the video-streaming app TikTok, was looking to raise funding at a $75 billion valuation.  This would make Bytedance the most valuable startup in the world. 

Much of Bytedance’s success is attributed to its wildly successful app TikTok, a mobile app where users can record and share videos of themselves lip-syncing or dancing to popular songs.

Now Facebook has its sights set on TikTok, announcing this week a TikTok-clone called Lasso.  According to TechCrunch, Facebook once wrote TikTok/Musically off as a one-hit-wonder and not a multi-billion dollar category.

With TikTok now ranking #5 in the US iPhone charts, Facebook is eager to retain its grasp on the US teen audience which Facebook has been losing over the recent years.

Full coverage on TechCrunch