TikTok parent ByteDance is valuing itself at about $300 billion after recently contacting investors about a share buyback program, according to two people familiar with the matter and a document seen by Reuters.
ByteDance approached investors in recent weeks and offered a price of $180.70 per share, the people said.
The current offer price is a 12.9% increase from the per share price of $160 in their previous buy back program.
News about the valuation was first reported by The Wall Street Journal.
One of the sources said that while ByteDance has no IPO plans, the buyback program is a way to provide liquidity to ByteDance.
This is the third buyback program for investors of ByteDance, which has been conducting share buybacks since 2022.
The company offered to buyback about $5 billion worth of shares from investors in December 2023 at a price of $160 per share, valuing the company at $268 billion.
ByteDance was planning to implement the buyback program regardless About the results of the US presidential electionAnother source said, declining to be identified.
ByteDance, whose global revenue grew 30% last year to $110 billion, is facing a legal battle over its US assets.
A law signed by US President Joe Biden on April 24 gives ByteDance until January 19 to sell TikTok or face a ban. The White House has said it wants to see an end to Chinese-based ownership on national security grounds, but not a ban on TikTok.
TikTok and ByteDance filed a lawsuit in US federal court in May seeking to block the law signed by Biden.
Both TikTok and ByteDance declined to comment.
