The value of IT giant ByteDance, which owns the social network TikTok, has risen to $300 billion this year, despite a potential ban in the United States. It is this capitalization that is indicated in the offer to investors to repurchase shares.
TikTok owner ByteDance’s value rises to $300 billion
Author: Akhmed Sadulayev
How report The Wall Street Journal, citing knowledgeable sources and Reuters With reference to the document, ByteDance approached investors with a proposal for a share repurchase program at $180.7 per share.
This is ByteDance’s third buyback in the last two years. At the same time, in December 2023, shares of the Chinese IT giant were valued 12.9% lower – at $160 per share. At that time, the company’s value was estimated at $268 billion.
WSJ sources report that ByteDance planned to conduct a share buyback regardless of the outcome of the US presidential election.
In April 2024, the US Senate voted for a bill requiring the owner of TikTok to sell its business in the states to local investors. Otherwise, the platform faces blocking in the United States.
At the same time, in March 2024, Chinese authorities notified the company that they would not allow the sale of TikTok in the United States and would prefer to ban the social network in the states.
Photo: Koshiro K / Shutterstock
Source: rb.ru
