TikTok’s guardian firm ByteDance is valuing itself at about $300 billion, after it just lately approached buyers a couple of share buyback program, based on two individuals acquainted with the matter and a doc considered by Reuters.
ByteDance reached out to buyers in current weeks, providing a worth of $180.70 per share, the individuals mentioned.
The present provide 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 Avenue Journal.
ByteDance didn’t have any IPO plan in sight, one of many sources mentioned, including that the buyback program is a manner 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 Dec. 2023 provided to buyback round $5 billion price 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 mentioned, declining to be recognized.
ByteDance, whose international income grew 30% final yr to $110 billion, has been going through a authorized battle over its US property.
A legislation signed by US President Joe Biden on April 24, offers ByteDance till Jan. 19 to promote TikTok or face a ban. The White Home has mentioned it desires 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 legislation signed by Biden.
Each TikTok and ByteDance declined to remark.
