TikTok’s parent company was valued at $300 billion

TikTok’s parent company, ByteDance, is currently valued at around $300 billion, one of the highest valuations for a Chinese tech company, even as it struggles to keep its popular social network in the US. This is reported by the Bloomberg agency with reference to the WSJ, writes UNN

Details

The assessment was made during a recent share buyback offer, the newspaper said, citing anonymous sources. TikTok will be banned in the US 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 increasing thanks to several share buybacks. So, in October 2023, as part of a tender offer for employees, the company was valued at almost $225 billion. The December 2023 buyout raised the valuation to $268 billion, according to a company email to investors seen by reporters.

President-elect Donald Trump has previously supported banning TikTok, but recently expressed his opinion that it is a bad idea. While overturning or relaxing the ban will be a difficult process, Trump’s election victory “significantly improves the prospects for TikTok — there’s no doubt about that.”

The founder of the company that owns TikTok has become China’s richest man – ReutersOctober 29 2024, 18:59 • 19693 views