By Senad Karaahmetovic

ByteDance is the Chinese company behind the social media platform TikTok. Its valuation has fallen by $100 billion in the last year.

According to South China Morning Post, the TikTok owner’s valuation dropped to $300 billion from $400 billion in the private market.

The Chinese tech media platform 36Kr published unpublicized sales offers that valued the social media firm at $280 billion to $350 billion.

Despite this, ByteDance remains one of China’s top tech companies. It competes against Tencent Holdings Ltd. Alibaba Group (NYSE :).

Although the Chinese government increased the restrictions on short videos, TikTok continues to be extremely popular with more than 1 billion worldwide users. New government laws are directly affecting TikTok’s algorithm making it harder to make domestic profits, which is the main reason why the company postponed its plans for an initial public offering (IPO) last year.

ByteDance stated in April that it does not plan to make its company public.

Sequoia China is one of ByteDance’s largest private equity investors. However, it denied that The Wall Street Journal had reported that the company was valued at $180 billion.