(Reuters) – TikTok’s Chinese language mother or father firm ByteDance is valuing itself at about $300 billion after a current buyback provide, the Wall Avenue Journal reported on Saturday, even because the tech large’s widespread TikTok app faces the prospect of a looming ban within the U.S.
The TikTok mother or father in current days informed traders it was seeking to purchase again shares at about $180 a share, the newspaper stated.
ByteDance traders have considered President-elect Donald Trump’s return to the White Home as an general constructive for TikTok’s hopes within the U.S., as per the report.
At Bloomberg BusinessWeek interview in June, Trump stated, “I’m for TikTok since you want competitors. In case you don’t have TikTok, you’ve gotten Fb (NASDAQ:) and Instagram.” Trump had beforehand referred to as TikTok a nationwide safety menace however quickly after he too joined the platform, which is utilized by about 170 million Individuals.
A legislation signed by U.S. President Joe Biden on April 24, offers ByteDance till Jan. 19 to promote TikTok or face a ban. The White Home has stated it desires to see Chinese language-based possession ended on national-security grounds however not a ban on TikTok.
TikTok and ByteDance sued in U.S. federal court docket in Might, in search of to dam the legislation signed by Biden.
Each TikTok and ByteDance didn’t instantly reply to a Reuters request for remark.
