Key Points
- ByteDance is valued at $300 billion after offering to buy back shares.
- Trump’s possible return to the White House could help TikTok in the U.S.
- ByteDance is offering to buy back shares for $180 each.
- U.S. law forces ByteDance to sell TikTok by January 19, 2024, or face a ban.
- TikTok and ByteDance are suing to block the law.
Looma News
ByteDance, the Chinese company behind TikTok, is currently valued at $300 billion, according to a Wall Street Journal report. This comes after the company offered to buy back shares for around $180 each. Despite the uncertainty about TikTok’s future in the U.S. due to national security concerns and a possible ban, ByteDance is staying hopeful about its valuation.
In the broader political scene, some see a possible return of former President Donald Trump as a good sign for TikTok’s future in the U.S. Trump has supported TikTok in the past, saying it’s important to have competition against major platforms like Facebook and Instagram. However, he had also called TikTok a national security threat. Interestingly, Trump joined TikTok, a platform used by roughly 170 million Americans.
Despite the political uncertainty, a law signed by President Joe Biden in April 2024 gives ByteDance until January 19, 2024, to sell TikTok or face a ban. The law addresses national security concerns due to TikTok’s Chinese ownership, though the White House has made it clear the goal isn’t to ban the app outright. TikTok and ByteDance have filed a lawsuit in May 2024 to stop the law from going into effect.
