Three people with knowledge of the situation claimed that ByteDance, the company that owns the short-video app TikTok, is planning to start a fresh employee share buyback that will put the Chinese tech giant’s valuation at above $330 billion due to its ongoing sales growth.
In the repurchase program, the business will give current employees $200.41 per share, up 5.5% from the $189.90 per share it gave them around six months ago, when ByteDance was valued at nearly $315 billion, according to the sources.
According to the sources, ByteDance’s second-quarter revenue was up 25% year over year, solidifying its position as the largest social media firm globally. This latest buyback at a higher valuation will follow.
According to two people, the increase caused the company’s second-quarter sales to reach roughly $48 billion, with the majority coming from the Chinese market as it continues to face political pressure to sell off its US division.
Details of the second-quarter revenue growth and the updated valuation had not been previously disclosed. Since they were not permitted to communicate the material with the media, the sources chose not to be identified.
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