By Echo Wang and Chandni Shah
(Reuters) -TikTok’s father or mother firm ByteDance is valuing itself at about $300 billion, after it just lately approached buyers a couple of share buyback program, based on two folks conversant in the matter and a doc seen by Reuters.
ByteDance reached out to buyers in latest weeks, providing a value of $180.70 per share, the folks stated.
The present provide value is a rise of 12.9% from the per share value of $160 of their final purchase again program.
The information concerning the valuation was earlier reported by the Wall Avenue Journal.
ByteDance didn’t have any IPO plan in sight, one of many sources stated, including that the buyback program is a approach to offer Bytedance with liquidity.
That is the third purchase again program for buyers from Bytedance, which has been conducting share buybacks since 2022.
The corporate in Dec 2023 supplied to buyback round $5 billion price of shares from buyers at a value of $160 every, which valued the corporate at $268 billion.
ByteDance had been planning to hold out the buyback program whatever the end result of the U.S. presidential election, one other supply stated, declining to be recognized.
ByteDance, whose international income grew 30% final yr to $110 billion, has been going through a authorized battle over its U.S. belongings.
A legislation signed by U.S. President Joe Biden on April 24, offers ByteDance till Jan. 19 to promote TikTok or face a ban. The White Home has stated it desires to see Chinese language-based possession ended on national-security grounds however not a ban on TikTok.
TikTok and ByteDance sued in U.S. federal courtroom in Might, searching for to dam the legislation signed by Biden.
Each TikTok and ByteDance declined to remark.
