A new report from The Wall Street Journal says that ByteDance, the Chinese company that runs TikTok, recently offered to buy back its shares for $300 billion
You may recognize that number because the WSJ reported on a ByteDance buyback deal in September 2022, putting the value at $300 billion. But after a year, the company was said to be worth $223 billion, 26% less than it was worth before.
The election of Donald Trump to a second term as president of the US may be good news for TikTok in that country.
Trump signed a bill in April that would have banned TikTok from the US if ByteDance failed to sell the short-form video app. The company had nine months to make the sale, but the president could add three more months if needed. The ban has led ByteDance to sue the US government.
During his first term, Trump also called for a ban on TikTok. Since then, he has posted that he will “SAVE TIK TOK IN AMERICA,” and Republican megadonor Jeff Yass is a big investor in ByteDance.
