React Js Pie Chart

How do I create a real-time updating pie chart in a React application using Chartjs?

This React.js code snippet uses the Chart.js library to create a pie chart. It first imports necessary React hooks and initializes a canvas element as a chart container. Inside the useEffect hook, it defines an array of company data with names and valuations. Then, it configures the chart by creating a data object with labels and datasets. Each dataset corresponds to a company's valuation with specified background colors. Finally, it initializes a Chart.js chart on the canvas, specifying it as a pie chart type. The resulting React component renders the chart along with a title. When the component mounts, it generates and displays the pie chart representing company valuations