TikTok owner ByteDance sets valuation at over $330 billion as revenue grows
ByteDance, the owner of short-video app TikTok, is set to launch a new 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. The post TikTok owner ByteDance sets valuation at over $330 billion as revenue grows appeared first on Reuters Best.
ByteDance, the owner of short-video app TikTok, is set to launch a new 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.
Why it matters
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.
The post TikTok owner ByteDance sets valuation at over $330 billion as revenue grows appeared first on Reuters Best.
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