Chinese AI startup Butterfly Effect's Xiao Hong reportedly rejected Bytedance's $30-million buyout bid in early 2024. Hong moved Butterfly Effect from China to Singapore in mid-2025 and fired most of his Beijing employees, reducing his team from 120 to 40 core technical personnel. On December 29, 2025, he sold the startup to Mark Zuckerberg's Meta at 100x valuation of $2-3-billion.