TikTok's parent company reached a record $300 billion valuation during a share buyback. ByteDance may lose the US market if it does not sell TikTok by mid-January.
TikTok's parent company, ByteDance, is currently valued at about $300 billion, one of the highest valuations for a Chinese tech company, even as it struggles to keep its popular social network alive in the United States. This was reported by Bloomberg with reference to the WSJ, UNN reports.
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The valuation was made during a recent share buyback offer, the newspaper said, citing anonymous sources. TikTok will be banned in the United States under federal law if ByteDance does not sell the app to an American owner by mid-January.
According to the Wall Street Journal, ByteDance's value has been growing due to several share buybacks. Thus, in October 2023, the company was valued at almost $225 billion as part of a tender offer for employees. In December 2023, the buyout raised the valuation to $268 billion, as evidenced by the company's email to investors, which was seen by journalists.
President-elect Donald Trump had previously supported the ban on TikTok, but has recently expressed the view that it is a bad idea. While it will be a difficult process to lift or mitigate the ban, Trump's election victory "greatly improves the outlook for TikTok – there's no doubt about that.
– Glenn Gerstell, former general counsel of the National Security Agency, said in an interview with Bloomberg.
The founder of the company that owns TikTok has become the richest man in China – ReutersOct 29 2024, 06:59 PM • 19693 views