Islamabad, Nov 18: TikTok’s Chinese Parent Company Valued at $300 Billion. According to a recent Wall Street Journal article, TikTok’s parent firm, ByteDance, recently repurchased $300 billion worth of shares.
This price is in line with a prior buyback offer that was publicized by the Wall Street Journal in September 2022. This is a recovery for the business, though, since only a year ago its valuation was said to have fallen 26% to $223 billion.
With Donald Trump re-elected, TikTok’s prospects in the US seem more promising. Trump pushed for the app to be banned during his previous administration. He has since promised to “SAVE TIK TOK IN AMERICA,” nevertheless.
Given that President Biden signed a bill in April requiring ByteDance to sell TikTok within nine months (with a possible three-month extension) or risk a ban, this change in position is noteworthy.
Due to this legislation, ByteDance is presently suing the US government. The fact that Jeff Yass, a well-known Republican fundraiser, is a significant ByteDance investment further complicates matters. All of these elements point to a better future for TikTok under the new leadership.
However, we will have to wait and watch if Trump’s takeover results in TikTok being banned in the US. Recently, TikTok has come under fire for permitting dubious live streaming on the app where minors undress on camera in exchange for cash in the form of digital “gifts” or “coins.”
According to a set of internal corporate documents that NPR looked at, TikTok prioritizes the uploads of attractive people to increase engagement. The management only introduced the parental restrictions for PR purposes, while being well aware of how disruptive TikTok’s addictive nature is for kids.
