Triller becomes a unicorn

Triller, the developer of a short-form video-sharing app, is in the midst of raising a $250 million funding round that could value the startup at $1.25 billion, according to reports. The Los Angeles-based TikTok rival has reportedly raised more than $30 million in venture capital funding over the five years since it launched.

Triller has made strides as its larger peers continue to undergo growing pains. Microsoft is in talks to acquire a large slice of TikTok amid a political firestorm. Instagram launched Reels this week—its answer to TikTok—after Facebook CEO Mark Zuckerberg faced a recent congressional grilling over whether his company's habit of acquiring and imitating rivals was anticompetitive.

Meanwhile, Triller's popularity surged over the weekend, briefly making it the number one app in the world. The company also named TikTok star Josh Richards as its chief strategy officer, and sued TikTok for patent infringement. Triller has worked to set itself apart through partnerships with major music studios and an investor roster that includes artists like Kendrick Lamar, The Weeknd and Snoop Dogg.