Tiktok's parent company is valued at up to 300 billion USD

After recently approaching investors about a stock buyback program, ByteDance, TikTok's parent company, values ​​the business at around $300 billion.

Specifically, ByteDance has offered investors a price of $180.70 per share for the buyback program. This price is up 12.9% compared to the price of $160 per share in the previous buyback program.

ByteDance Group raises its valuation to $300 billion.

ByteDance has no plans for an initial public offering (IPO) in the near future and the buyback program is a way for the company to increase liquidity, one of the sources said.

This is ByteDance's third share buyback program, after the company began implementing buyback programs since 2022.

Last December, ByteDance offered to buy back about $5 billion worth of shares from investors at $160 a share, bringing the company's valuation to $268 billion.

ByteDance's global revenue in 2023 will increase by 30% to $110 billion. The company is currently facing a legal battle over its assets in the US.

A law signed by US President Joe Biden on April 24 requires ByteDance to divest its stake in TikTok by January 19, 2025, or face a ban.

The White House has called for TikTok to be removed from Chinese ownership over national security concerns, but has stopped short of banning the app outright.

In May, both TikTok and ByteDance filed a lawsuit in US federal court to stop the law from being enforced. TikTok has been in the crosshairs of the US government for years.

US officials have accused TikTok of allowing data collection and tracking of users. There are currently about 170 million TikTok users in the US, most of whom are young people.

Source: https://kinhtedothi.vn/cong-ty-me-cua-tiktok-duoc-dinh-gia-toi-300-ty-usd.html