Comment on Renren: The Failed “Facebook of China” by The All-American Inspiration for TikTok - Web Today

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-11-05 00:00:00

Renren (NYSE:RENN) has recently sold the online video streaming service of 56.com to Sohu. One year ago Joseph Chen, Renren CEO, was rumoured to be looking to sell 56.com, the rest of its group-buy service Nuomi, and Renren.com altogether. Neither the acquired video streaming service nor the homegrown group-buy site drove significant growth in user base or top-line revenue for Renren. Once Sina Weibo became the dominant social service in China in 2010 and 2011, Renren had no hope. To Chen, Renren may be just an investment through which he (and his venture capital backer Softbank) had gained hugely through the IPO.