ByteDance, the parent company of popular social media app TikTok, is valuing itself at $300 billion with its latest share buyback program offering $180.70 per share. This move follows a 30% revenue growth for the company last year. ByteDance has been conducting share buybacks since 2022 and this is the third program they have implemented. The current offer price represents a 12.9% increase from their previous buyback program. The company has no immediate plans for an IPO, instead focusing on providing liquidity to investors through these buyback programs.
Despite facing legal challenges in the U.S. over its ownership of TikTok, ByteDance has been actively working to navigate these issues. A law signed by President Joe Biden gives ByteDance until January 19 to sell TikTok or face a ban due to national security concerns. However, the White House has indicated that it does not want to ban TikTok outright, but rather see Chinese-based ownership come to an end.
ByteDance’s valuation of $300 billion showcases the company’s financial strength and potential for growth, even amidst legal challenges. The continued success of TikTok and ByteDance’s revenue growth further solidify its position in the social media landscape. Both TikTok and ByteDance have declined to comment on these recent developments.
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