(Reuters) – TikTok’s Chinese language mum or dad firm ByteDance is valuing itself at about $300 billion after a latest buyback supply, the Wall Road Journal reported on Saturday, even because the tech big’s well-liked TikTok app faces the prospect of a looming ban within the U.S.
The TikTok mum or dad in latest days advised traders it was seeking to purchase again shares at about $180 a share, the newspaper stated.
ByteDance traders have seen President-elect Donald Trump’s return to the White Home as an general optimistic 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. For those who don’t have TikTok, you will have Fb (NASDAQ:) and Instagram.” Trump had beforehand known as TikTok a nationwide safety risk however quickly after he too joined the platform, which is utilized by about 170 million Individuals.
A regulation signed by U.S. President Joe Biden on April 24, provides 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.
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TikTok and ByteDance sued in U.S. federal court docket in Might, in search of to dam the regulation signed by Biden.
Each TikTok and ByteDance didn’t instantly reply to a Reuters request for remark.