Ride-hailing giants Uber are no longer the world’s highest-valued tech startup, according to TechCrunch.
Chinese tech-startup ByteDance can now claim that title after completing a $3 billion investment which values the company at $75 billion, making it’s overall valuation an astonishing $78 billion, $6 billion more than Uber’s last valuation of $72 billion.
Uber have plans to launch an IPO in 2019, with reports suggesting the company could be valued at a staggering $120 billion.
Dara Khosrowshahi recently said that the company was still on track for a 2019 IPO, with Goldman Sachs and Morgan Stanley front runners to secure top roles in the Initial Public Offering.
For now though, Uber will have to settle for second place in the list of the world’s highest valued startups.