TikTok’s company, ByteDance, is currently valued at around $300 billion, despite the risk of a possible ban in the US.
About this informs Bloomberg agency with reference to WSJ.
The valuation was made at the time of the recent share buyback offer, cited by anonymous sources. If ByteDance does not sell TikTok to an American owner by mid-January, the platform will be banned in the US under federal law.
According to the Wall Street Journal, the value of ByteDance increased thanks to several share buybacks. In October 2023, a tender offer to employees valued the company at nearly $225 billion, and a buyout in December of that year raised the valuation to $268 billion, according to the company’s email to investors seen by reporters.
Former President Donald Trump, who previously supported banning TikTok, recently said he thinks it was a mistake. While overturning or softening the ban will not be easy, his election victory could significantly improve TikTok’s prospects, Glenn Gerstell, former chief legal officer of the National Security Agency, said in a comment to Bloomberg.
TikTok in the US is trying to convince a federal appeals court that the Justice Department wrongly defined the platform’s ties to China.
The US Department of Justice has filed a lawsuit against TikTok, accusing it of allowing children under the age of 13 to register accounts without parental consent and collecting their personal data, in violation of the Children’s Online Privacy Protection Act (COPPA).
