TikTok parent ByteDance’s valuation hits $300 billion, sources say

TikTok‘s dad or mum firm ByteDance is valuing itself at about $300 billion, after it not too long ago approached buyers a couple of share buyback program, in keeping with two folks conversant in the matter and a doc considered by Reuters.

ByteDance reached out to buyers in latest weeks, providing a worth of $180.70 per share, the folks stated.

The present supply worth is a rise of 12.9% from the per share worth of $160 of their final purchase again program.

The information concerning the valuation was earlier reported by the Wall Road Journal.

ByteDance didn’t have any IPO plan in sight, one of many sources stated, including that the buyback program is a method to supply Bytedance with liquidity.

That is the third purchase again program for buyers from Bytedance, which has been conducting share buybacks since 2022.

The corporate in December 2023 provided to buyback round $5 billion value of shares from buyers at a worth of $160 every, which valued the corporate at $268 billion. ByteDance had been planning to hold out the buyback program whatever the consequence of the US presidential election, one other supply stated, declining to be recognized.

ByteDance, whose world income grew 30% final 12 months to $110 billion, has been dealing with a authorized battle over its US property.

A regulation signed by US president Joe Biden on April 24, provides ByteDance till January 19 to promote TikTok or face a ban. The White Home has stated it needs to see Chinese language-based possession ended on national-security grounds however not a ban on TikTok.

TikTok and ByteDance sued in US federal court docket in Might, in search of to dam the regulation signed by Biden.

Each TikTok and ByteDance declined to remark.