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TikTok parent ByteDance's valuation slumps to $223.5 billion in stock buyback: report

Economic Times · 1y

ByteDance is repurchasing shares from its U.S. employees, valuing the company at $223.5 billion, a 26% decrease from the previous year. The company plans to buy at least $300 million worth of stock from current and former U.S. employees. This move comes as ByteDance-owned TikTok faces calls for a nationwide ban in the U.S. due to concerns about potential Chinese government influence. Despite the valuation drop, ByteDance reported an operating profit of nearly $6 billion in the first quarter of 2023, nearly double from the previous year, according to the Wall Street Journal.