Paper: TikTok parent ByteDance’s value at $300 billion amid US ban uncertainty

 

FILE – The TikTok logo is seen on a mobile phone in front of a computer screen that displays the TikTok home screen, on March 18, 2023. TikTok parent company ByteDance values itself at $300 billion, according to a report on Nov. 16, 2024.

TikTok\’s Chinese parent company ByteDance is valuing itself at about $300 billion after a recent buyback offer, The Wall Street Journal reported Saturday, even as the tech giant\’s popular TikTok app faces the prospect of a looming ban in the United States.

The TikTok parent in recent days told investors it was looking to buy back shares at about $180 a share, the newspaper said.

ByteDance investors have viewed President-elect Donald Trump’s return to the White House as an overall positive for TikTok’s hopes in the U.S., as per the report.

At a Bloomberg BusinessWeek interview in June, Trump said, “I’m for TikTok because you need competition. If you don’t have TikTok, you have Facebook and Instagram.” Trump had previously called TikTok a national security threat but soon after he, too, joined the platform, which is used by about 170 million Americans.

A law signed by U.S. President Joe Biden on April 24 gives ByteDance until January 19 to sell TikTok or face a ban. The 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 U.S. federal court in May, seeking to block the law signed by Biden.

TikTok and ByteDance did not immediately respond to a Reuters request for comment.

 

By：VOA