ByteDance, the Chinese company that owns TikTok, valued itself at $300 billion in a recent stock buyback offer, according to a new report in the Wall Street Journal.
The numbers may look familiar, as WSJ previously reported on a proposed buyback of ByteDance in September 2022 at a valuation of $300 billion. But a year later, the company's valuation has reportedly fallen 26% to $223 billion.
TikTok's prospects in the US may be improving after Donald Trump was elected to a second term as US president.
President Joe Biden signed a bill in April that would ban TikTok from the United States if ByteDance fails to sell its short-form video app. The company was given nine months to sell, with the president given an option to extend the deadline by another three months. (ByteDance is suing the U.S. government over the ban.)
President Trump also called for a ban on TikTok during his first term, but later posted a message saying he would “save America's TikTok,” and Republican megadonor Jeff Yas is also a major investor in ByteDance.