ByteDance Group values ​​itself at $300 billion after stock buyback program

ByteDance has been in contact with investors for the past few weeks and is offering $180.70 per share for the buyback program, up 12.9% from its previous $160 per share offer.

ByteDance Group office in Beijing (China). (Photo: Kyodo/VNA)

TikTok parent ByteDance has valued itself at around $300 billion, according to two people familiar with the matter, after it recently approached investors about a share buyback program.

ByteDance has been in contact with investors in recent weeks and is offering $180.70 per share for the buyback, sources said, a 12.9% increase from the $160 per share price in its previous buyback program.

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.

In December 2023, ByteDance offered to buy back about $5 billion worth of shares from investors at $160 per share, bringing the company's valuation to $268 billion.

ByteDance’s global revenue grew 30% to $110 billion last year. The company is currently facing a legal battle over its assets in the United States.

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. Currently, there are about 170 million TikTok users in the US, most of whom are young people./.

(Vietnam News Agency/Vietnam+)

Source: https://www.vietnamplus.vn/tap-doan-bytedance-tu-dinh-gia-300-ty-usd-sau-chuong-trinh-mua-lai-co-phieu-post993970.vnp