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Musical.ly, a Chinese App Big in the U.S., Sells for $1 Billion

SHANGHAI — The only Chinese social media company to build a major network outside China will be taken over by a fast-growing Chinese upstart.Musical.ly, a video-based social network popular with teenagers in the United States and Europe, is being sold for between $800 million and $1 billion to Bytedance, the company that controls the Chinese news…
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