TikTok’s parent company ByteDance is valuing itself at about $300 billion, after it recently approached investors a few share buyback program, in line with two people aware of the matter and a document viewed by Reuters.
ByteDance reached out to investors in recent weeks, offering a price of $180.70 per share, the people said.
The present offer price is a rise of 12.9% from the per share price of $160 of their last buy back program.
The news concerning the valuation was earlier reported by the Wall Street Journal.
ByteDance didn’t have any IPO plan in sight, one among the sources said, adding that the buyback program is a strategy to provide Bytedance with liquidity.
That is the third buy back program for investors from Bytedance, which has been conducting share buybacks since 2022.
The corporate in Dec. 2023 offered to buyback around $5 billion value of shares from investors at a price of $160 each, which valued the corporate at $268 billion.
ByteDance had been planning to perform the buyback program whatever the final result of the US presidential election, one other source said, declining to be identified.
ByteDance, whose global revenue grew 30% last 12 months to $110 billion, has been facing a legal battle over its US assets.
A law signed by US President Joe Biden on April 24, gives ByteDance until Jan. 19 to sell TikTok or face a ban. The White House has said it desires to see Chinese-based ownership ended on national-security grounds but not a ban on TikTok.
TikTok and ByteDance sued in US federal court in May, searching for to dam the law signed by Biden.
Each TikTok and ByteDance declined to comment.
