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Home Business & Finance

TikTok parent ByteDance valued at about $300 billion, WSJ says

November 16, 2024
in Business & Finance
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TikTok parent ByteDance valued at about $300 billion, WSJ says
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TikTok parent ByteDance Ltd. is valuing itself around $300 billion, one of the highest valuations ever for the Chinese tech company, even as it fights to maintain its popular social-media appâ€s presence in the US, the Wall Street Journal reported Saturday.

The valuation came in a recent buyback offer by ByteDance, the Journal said, citing unidentified people with knowledge of the matter. TikTok would be banned in the US under a federal law unless ByteDance sells the app to an American owner by mid-January. 

ByteDanceâ€s valuation has climbed in a series of buybacks, the Journal said, noting a valuation of almost $225 billion in a tender offer to employees in October 2023. A December 2023 buyback boosted the valuation to $268 billion, the Journal said, citing a company email to investors seen by the paper.

President-elect Donald Trump once favored the pending TikTok ban but has more recently suggested itâ€s a bad idea. Though any reversal or softening of the ban would be complicated, Trumpâ€s election victory “significantly improves the picture for TikTok — no question about it,†former National Security Agency General Counsel Glenn Gerstell said in an interview with Bloomberg.

How many degrees of separation are you from the globe’s most powerful business leaders? Explore who made our brand-new list of the 100 Most Powerful People in Business. Plus, learn about the metrics we used to make it.

Tags: Beijing ByteDance TechnologyDonald TrumpSocial MediaTikTokvaluation
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