ByteDance Valuation Hits $300 Billion Amid TikTok Concerns

ByteDance, the parent company of TikTok, has set its valuation at approximately $300 billion following a recent share buyback offer at around $180 per share. This valuation comes amid ongoing scrutiny and potential legislative actions in the U.S. that could lead to a ban on TikTok unless ByteDance divests from the app by January 19, as mandated by a law signed by President Biden. The political landscape appears to be shifting, as President-elect Trump has expressed support for TikTok, emphasizing the need for competition in social media. Despite previous concerns about national security, Trump's recent endorsement suggests a more lenient stance towards the platform, which has around 170 million users in the U.S. In response to the looming ban, ByteDance and TikTok have filed a lawsuit in federal court aimed at blocking the legislation that threatens their operations in the U.S.