FB has 1.5B DAU, Twitter - ~150M DAU. Bytedance has ~200M DAU, and about the same revenue as Twitter. So, Bytedance DAU is valued as an FB DAU - probably reflects expectations that it can get to the FB level (ie. 3x) of per-user revenue extraction and not ends up like Twitter/Snap.
Where are the bulk of their users based? I assume China right? Surely the ARPU in China is way less than the USA where FB/Snap/goog/twtr own most of the market.
Tik Tok is mainly videos though, that is huge difference in the price of ads.
And due to various reasons, some from censorship, some from the medium itself and how the company chooses to operates on it, Tik Tok is mainly free of political contents, which makes it less toxic.
Also Tik Tok breaks out in other major Asian market as well, like Japan/S Korea/Taiwan, etc. Those markets are very lucrative.