TikTok owner ByteDance launches employee buyback valuing it at over US$330b: Reuters
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The news: ByteDance, TikTok's owner, is set to launch a new employee share buyback that will value the Chinese technology giant at more than USD330 billion ($506.9 billion), driven by continued revenue growth, Reuters reported citing three unnamed sources.
The numbers: The company plans to offer employees USD200.41 per share in the repurchase program, up 5.5% from the USD189.90 it offered about six months ago, which valued ByteDance at roughly USD315 billion. The buyback is expected to be launched in the northern autum.
ByteDance’s second-quarter revenue rose 25% year-on-year to about USD48 billion, the news agency said citing two of the sources, most of which is from the Chinese market.
First-quarter revenue rose to more than USD43 billion, topping Meta’s USD42.3 billion. ByteDance is profitable as a company, but TikTok’s US operations remain loss-making.
The US congress last year passed a law requiring ByteDance to divest TikTok’s US assets by 19 January 2025 or face a nationwide ban. However, President Trump extended the deadline to 17 September, saying US buyers were lined up and that it could be pushed back again.
The source: Reuters
