The app was founded in 2013 and has grown significantly, boasting a valuation of $17 billion as of last year and raising over $900 million in funding. Investors include prominent firms such as Boyu Capital and HongShan Capital Group. According to financial data platform PitchBook, the company employs over 2,000 people.
A Viral Surge
In just two days, Red Note became the most downloaded free iPhone app on Apple’s U.S. App Store. Over 700,000 new users joined during this period, many of whom used hashtags like #tiktokrefugee to signal their migration.
The hashtag “Tiktok refugee” has already garnered over 80 million views on Red Note, highlighting the uncertainty many TikTok users feel about the future of their beloved platform.
Ironically, Red Note itself is owned by a Chinese company, Xingin Information Technology (Shanghai).
The move from one Chinese app to another has not been lost on TikTok loyalists, who see it as a subtle protest against the U.S. government’s actions.
On Tuesday, a live group chat hosted on Red Note by a user named “TikTok Refugee Club” drew over 100,000 participants.
