Move aside Uber, China’s ByteDance is now the world’s highest-valued tech startup.

That’s according to reports from Forbes and Bloomberg both of which claim that the company has completed a $3 billion investment that values the company at $75 billion. A source with knowledge of the deal confirmed the round to TechCrunch and suggested that the value is pre-money, which, adding the round, would put ByteDance’s valuation at $78 billion. That’s ahead of Uber’s most recent $72 billion valuation, although the ride-hailing giant is being tipped to go public next year at a valuation of up to $120 billion.

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