NEW YORK — ByteDance, the parent company of the popular social media platform TikTok, is reportedly valuing itself at a staggering $300 billion. This comes after the company initiated discussions with investors about a potential share buyback program, as per two individuals privy to the matter and a document that Reuters had the opportunity to review.
ByteDance has been actively engaging with investors in the past few weeks, proposing a share price of $180.70, the sources revealed.
This proposed price per share marks a significant increase of 12.9% from the $160 per share price in their previous buyback initiative.
The Wall Street Journal was the first to report on this new valuation.
One of the sources indicated that ByteDance does not currently have plans for an initial public offering (IPO). They further explained that the buyback program serves as a means to provide ByteDance with liquidity.
This marks the third instance of a buyback program for ByteDance investors. The company has been implementing share buybacks since 2022.
In December 2023, ByteDance proposed a buyback of approximately $5 billion worth of shares from investors at a price of $160 each. This valued the company at $268 billion at the time.
Another source, who chose to remain anonymous, stated that ByteDance had intended to execute the buyback program irrespective of the results of the U.S. presidential election.
ByteDance, which saw a 30% increase in global revenue last year to $110 billion, is currently embroiled in a legal dispute over its U.S. assets.
A law enacted by President Joe Biden on April 24, gives ByteDance until January 19 to sell TikTok or face a potential ban. The White House has expressed its desire to end Chinese-based ownership on national-security grounds, but has not called for a ban on TikTok.
In response, both TikTok and ByteDance filed a lawsuit in U.S. federal court in May, seeking to overturn the law signed by Biden.
When approached for a comment, both TikTok and ByteDance declined.
Agree with share buyback to increase value.
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