The value of IT giant ByteDance, owner of the social network TikTok, has risen to $300 billion this year, despite a possible ban in the United States. It is this capitalization that is indicated in the offer to investors to buy back shares.
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As reported by The Wall Street Journal, citing informed sources, and Reuters, citing a document, ByteDance approached investors with a proposal for a share buyback program at $180.7 per share.
This is ByteDance’s third buyback in the last two years. At the same time, in December 2023, the Chinese computer giant’s shares were valued 12.9% lower: $160 per share. At the time, the company’s value was estimated at $268 billion.
WSJ sources report that ByteDance was planning to carry out a share buyback regardless of the outcome of the US presidential election.
In April 2024, the United States Senate voted in favor of a bill that would force the owner of TikTok to sell its business in the states to local investors. Otherwise, the platform will face a block 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
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
