Bob Diamond aims to compete with TikTok through new social media venture

Former Barclays boss Bob Diamond is making a bold move into the social media space by taking on TikTok through his new role as chair of a start-up valued at over $3 billion. Despite the start-up’s modest revenue of $36 million and less than $1 million in cash on hand last year, Diamond is confident in the potential of this new venture.

The start-up, Triller, recently agreed to an all-share takeover by AGBA, a small US-listed Hong Kong-based financial services platform. Since the deal was announced, shares in AGBA have surged over 400%, indicating strong investor interest in the merger.

Triller, based in Los Angeles, has been independently valued at $3.2 billion and will now be part of a combined entity worth $4 billion. However, questions have been raised about the financial health of both companies, with Triller reporting losses of $131 million and AGBA reporting a net loss of $49 million last year.

This move marks a significant departure for Diamond, who previously led a major bank before resigning in 2012 amidst scandal. Since then, he has focused on financial services, including merging UK mid-market broker Panmure Gordon with a rival earlier this year.

The merger of AGBA and Triller comes at a time of increasing scrutiny on social media platforms, with concerns over data privacy and foreign ownership. With Triller positioning itself as a competitor to TikTok, the landscape of social media could be in for a major shake-up.