ByteDance claims $300b valuation amid U.S. scrutiny

ByteDance has reportedly valued itself at US$300 billion in a recent share buyback offer, according to The Wall Street Journal.

This valuation mirrors the one established in September 2022 after previously falling to around US$223 billion.

This comes as ByteDance’s position in the United States is under scrutiny due to recent political measures.

President Joe Biden had enacted legislation that could ban TikTok unless ByteDance divests from the app, allowing nine months for action. ByteDance is currently contesting this proposed ban through legal avenues.

Meanwhile, former President Donald Trump, now re-elected, has shown support for TikTok. He suggests a possible change in U.S. policy toward the app.

Recent ByteDance developments

Timeline
16-Nov-2024 📈 ByteDance int’l revenue up almost 60% in first half of 2024 ByteDance’s revenue hits $17B, up 60% Y-o-Y TikTok drives 23% of revenue, faces US regulatory issues
07-Nov-2024 ⚖️ ByteDance dismisses 103 staff for violations ByteDance dismisses 103 employees over violations 11 face criminal probes for bribery and embezzlement
30-Oct-2024 🧠 ByteDance to set up AI research center in Europe ByteDance plans AI research center in Europe Targeting AI talent in Switzerland, UK, and France
29-Oct-2024 💰 ByteDance founder now China’s richest Zhang Yiming becomes China’s richest at 350 billion yuan Overall wealthy Chinese drop by 12%, with 1,094 listed
21-Oct-2024 🔍 ByteDance fires intern for misconduct Intern terminated for misconduct at ByteDance Company’s AI models and projects unaffected
17-Oct-2024 ⚖️ ByteDance prepares $1b to cover EU’s future penalties ByteDance sets aside $1B for EU fines. Multiple US states sue TikTok over mental health impacts.