TikTok owner ByteDance sets valuation at over $330B as revenue grows

ByteDance, the owner of short-video app TikTok, is set to launch anew employee share buyback that will value the Chinese technology giant at more than $330 billion, driven by continued revenue growth, said three people with knowledge of the matter.

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The company plans to offer current employees $200.41 per share in the repurchase program, the people said, up 5.5% from $189.90 each it offered them about six months ago which valued ByteDance at roughly $315 billion.

The buyback is expected to be launched in the autumn.

The latest buyback at a higher valuation will come as ByteDance consolidates its position as the world’s largest social media company by revenue, with its second-quarter revenue up 25% year-on-year, the people said.

That jump resulted in the company’s second-quarter revenue hitting about $48 billion, two of the people said, most of which is from the Chinese market as it continues to face political pressure to divest its US arm.

The revised valuation and the second-quarter revenue growth details had not been reported previously. The sources declined to be named as they were not authorized to discuss the information with media.