TikTok parent ByteDance valued at $300 billion

ByteDance, the parent company of TikTok, has been valued at about $300 billion after recently approaching investors about a share buyback program, according to two people familiar with the matter.

The sources said ByteDance has been approaching investors in recent weeks, offering a price of $180.70 per share, a 12.9% premium over the $160 price of the last share buyback program, Reuters reported.

The Wall Street Journal had previously reported that ByteDance has no plans for an initial public offering, adding that the buyback program is a way to provide ByteDance with liquidity.

This is the third buyback program for investors from ByteDance, which has been buying back shares since 2022.

In December 2023, the company offered to buy back about $5 billion worth of shares from investors at $160 per share, valuing the company at $268 billion.

ByteDance was planning to execute the buyback program regardless of the outcome of the U.S. presidential election, said another source, who declined to be identified. ByteDance, whose global revenue grew 30% last year to $110 billion, is facing a legal battle over its U.S. assets.

A law signed by U.S. President Joe Biden on April 24 gives ByteDance until Jan. 19 to sell TikTok or face a ban. The White House has said it wants to see the end of Chinese ownership for national security reasons but not a ban on TikTok.