China's TikTok overtakes Facebook as the world's most downloaded social media app

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Welcome to The Draft, a Techloy series that highlights the most interesting business and financial stories in the technology industry across emerging markets globally. Curated by the Techloy News team.

  • China's TikTok has overtaken Facebook as the world's most downloaded social media app in 2020, ahead of Facebook-owned apps Messenger, WhatsApp, and Instagram, according to Nikkei, citing data from App Annie.
  • South Africa's Competition Tribunal has approved that JSE-listed Transaction Capital will buy a controlling 74.9% stake in the South African online car marketplace, WeBuyCars.
  • Southeast Asia's technology startups could be collectively valued at $1 trillion by 2025, from $340 billion in 2020, according to Southeast Asian venture capital firm Jungle Ventures.
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