TikTok may get $330-billion valuation in new share buyback

Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Hong Kong: TikTok owner ByteDance is preparing a new employee share buyback that values the Chinese tech giant at more than $330 billion, three people familiar with the matter said, citing strong revenue growth.The company plans to repurchase shares at $200.41 each, up 5.5% from the $189.90 price it offered staff six months ago, which then valued the firm at around $315 billion. The latest buyback is expected to launch this autumn.ByteDance's higher valuation comes as it cements its lead as the world's biggest social media firm by revenue. Second-quarter sales jumped 25% year-on-year to about $48 billion, two of the people said, largely from its China business.The new valuation and revenue growth figures have not been previously reported. ByteDance did not immediately respond to a request for comment.In the first quarter, revenue topped $43 billion, ahead of Meta's $42.3 billion, making ByteDance the top social media company by sales. Both firms continued to grow revenue by more than 20% in the second quarter, buoyed by advertising demand.ByteDance's biannual buybacks give staff liquidity without an IPO, a practice increasingly common among late-stage private firms. Unlike peers such as SpaceX and OpenAI, which rely on outside investors, ByteDance has consistently funded buybacks from its own balance sheet - underlining its financial strength and margins. Reuters