TikTok parent ByteDance's valuation reportedly hits $300 billion

TikTok's parent company ByteDance is valuing itself at about $300 billion, after it recently approached investors about a share buyback program, according to two people familiar with matter and a document viewed by Reuters.

ByteDance reached out to investors in recent weeks, offering a price of $180.70 per share, people said.

current offer price is an increase of 12.9 per cent from per share price of $160 in ir last buy back program.

news about valuation was earlier reported by Wall Street Journal.

ByteDance did not have any IPO plan in sight, one of sources said, ding that buyback program is a way to provide ByteDance with liquidity.

This is third buy back program for investors from ByteDance, which has been conducting share buybacks since 2022.

company in Dec 2023 offered to buyback around $5 billion worth of shares from investors at a price of $160 each, which valued company at $268 billion.

ByteDance h been planning to carry out buyback program regardless of outcome of US presidential election, anor source said, declining to be identified.

ByteDance, whose global revenue grew 30 per cent last year 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 January 19 to sell TikTok or face a ban. White House has said it wants 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, seeking to block law signed by Biden.

Both TikTok and ByteDance declined to comment.