4 days ago
10 ARTICLE AD
In Brief
Posted:
9:26 AM PST · November 16, 2024
Image Credits:Yui Mok/PA Images / Getty Images
ByteDance, the Chinese company that owns TikTok, valued itself at $300 billion in a recent share buyback offer, according to a new report in The Wall Street Journal.
That number might sound familiar, as the WSJ previously reported on a ByteDance buyback offer at a $300 billion valuation back in September 2022. But a year later, the company’s valuation had reportedly fallen 26%, to $223 billion.
TikTok’s prospects in the United States may be looking up following the election of Donald Trump to his second term as US president.
In April, President Joe Biden signed a bill that would ban TikTok from the United States if ByteDance failed to sell the short-form video app. The company was given nine months to make the sale, with the president given the option to extend the deadline by an extra three months. (ByteDance is suing the US government over the ban.)
While Trump had also called for a TikTok ban during his first term, he has subsequently posted that he will “SAVE TIK TOK IN AMERICA,” and Republican megadonor Jeff Yass is a major ByteDance investor.
Subscribe for the industry’s biggest tech news
