ByteDance, the parent company of TikTok, recently estimated its value at about $300 billion, despite U.S. pressure from Congress to ban its use throughout the country. In 2023, Congress received a bill that threatened to ban TikTok on campuses throughout the U.S.
The new assessment came as part of a repurchase offer for the company's shares, according to the Wall Street Journal. This indicates that ByteDance expects continued growth, despite the law signed by President Joe Biden, which threatens to ban TikTok's operations in the U.S. if the parent company does not sell the app by mid-January.
The value of the company has gradually increased over the past year. In October 2023, ByteDance valued itself at approximately $225 billion, and in December 2023, the value rose to $268 billion, according to an email sent to investors.
ByteDance investors see Donald Trump's expected return to the White House as a relief for TikTok's operations in the U.S. Although Trump supported a TikTok ban during his term in office, he changed his position during the last campaign after meeting with billionaire Jeff Yass, a major ByteDance investor and major donor to the Republican Party.
Supporters of the bill claim that it is intended to prevent the Chinese government from spying on Americans or influencing the content that TikTok users see. TikTok, for its part, has stated that it will not comply with such interference from the Chinese government. ByteDance recently informed investors of its intention to buy back shares at a price of approximately $180 per share. This move is intended to allow liquidity for investors and long-time employees.
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