A New Social Media Powerhouse Emerges
As the world watches Canada’s prime ministerial race heat up with Chrystia Freeland in the running, and Mark Zuckerberg faces scrutiny over a Meta inclusivity initiative, a new player is making waves in the social media landscape. Miranda Qu, one of Asia’s most influential women, is riding high on the success of her app, Xiaohongshu, which has become a refuge for American users in the wake of the TikTok ban.
The TikTok Ban: A Messy Rollout
The ban on TikTok in the US has been nothing short of chaotic. After years of political back-and-forth, the Chinese-owned video sharing app went dark on Saturday night, only for President Donald Trump to announce that he would not enforce the ban, a move that raises legal eyebrows. As the company works to restore service to US users, the future remains uncertain.
The Unintended Consequences of the Ban
While the ban may have been intended to curb Chinese influence, it has had far-reaching and detrimental effects on influencers, US-based employees, small businesses, and others across the country. However, it has also created opportunities for other social media platforms, including Xiaohongshu.
The Rise of Xiaohongshu
Founded in 2013 by Miranda Qu and partner Charlwin Mao, Xiaohongshu, also known as “RedNote” in the US, has become a social media powerhouse in its own right. With a user base of over 300 million people, primarily young, female, and Chinese, the app is valued at around $17 to $20 billion. Backed by Alibaba, Xiaohongshu was on track to double profits to over $1 billion in 2024.
A New Refuge for TikTok Users
In the wake of the TikTok ban, Xiaohongshu has seen a surge in popularity, with American users flocking to the app as a form of protest. While the app’s features are primarily designed for Mandarin speakers, its influence is undeniable. Qu, who owns an estimated 10% stake in the private company, has seen her net worth soar to around $1.3 billion.
The Future of Social Media
As the dust settles on the TikTok ban, one thing is clear: the social media landscape is shifting. Whether Xiaohongshu will continue to thrive as a refuge for TikTok users remains to be seen. One thing is certain, however: Miranda Qu has cemented her position as a major player in the world of social media.
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