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Illustration: Rebecca Zisser/Axios

ByteDance is closing in $2 billion in new funding co-led by KKR and existing backer Sequoia Capital at a $180 billion valuation, per Reuters.

Why it matters: This would cement China-based ByteDance as the world's most valuable VC-backed company, worth 3X the next-largest unicorn, and comes despite the U.S. government's efforts to force its divestiture of TikTok.

The bottom line: "In its home market, [ByteDance] is on track to rake in at least 180 billion yuan ($27.2 billion) in advertising revenue this year... Douyin, ByteDance’s Chinese version of TikTok, said it had amassed 600 million daily users in August." — Reuters

Go deeper: TikTok gets more time (again)

Go deeper

Jan 27, 2021 - Technology

Facebook stock whipsaws amid ad targeting concerns

Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images

Facebook's stock showed volatility in after-hours trading Wednesday, despite adding users and beating on top and bottom lines.

Why it matters: Investors seem spooked by proposed changes to user data collection by Apple that would impact Facebook's ad business, in addition to perennial threats of new federal privacy regulations.

1 hour ago - World

Army to award Purple Hearts to troops injured in Iran missile attack

Damage at Ain al-Asad military airbase housing U.S. and other foreign troops in the western Iraqi province of Anbar in January 2020. Photo: Ayman Henna/AFP via Getty Images

The Army has approved 39 more Purple Hearts for U.S. soldiers wounded in an Iranian military ballistic missile attack on an Iraq base in January 2020, the Army Times first reported Wednesday.

Why it matters: Most of these soldiers sustained brain injuries, per the Army Times. Then-President Trump dismissed their injuries at the time as "headaches" and "not very serious," sparking backlash from some veterans groups.

Scoop: U.S. begins denying Afghan immigrants

Afghan refugees on a bus bound for temporary housing after arriving in Greece. Photo: Byron Smith/Getty Images

The Biden administration has begun issuing denials to Afghans seeking to emigrate to the United States through the humanitarian parole process, after a system that typically processes 2,000 applications annually has been flooded with more than 30,000.

Why it matters: Afghans face steeper odds and longer processes for escaping to the U.S., despite the earlier sweeping efforts by the Biden administration to assist its allies. Immigration lawyers and advocacy groups say the government has set untenable barriers to a safe haven in the U.S.