ByteDance, with a market capitalization of $300 billion, is vying for the title of the most valuable Chinese company in the tech sector, according to 3dnews.
As reported by The Wall Street Journal, ByteDance has approached investors with a proposal for a share buyback program at $180.7 per share.
This marks ByteDance's third buyback in the last two years. The company's market capitalization has steadily increased following a series of share repurchase transactions. In October of last year, it was valued at $225 billion, rising to $268 billion by December, and now it is poised to exceed the $300 billion mark.
Donald Trump, who predictably supported the idea of banning the Chinese social network in the U.S., recently reassessed his stance, calling such measures a bad idea. Former General Counsel of the U.S. National Security Agency, Glenn Gerstell, stated in an interview with Bloomberg that while Donald Trump's victory in the U.S. elections complicates the repeal of the TikTok ban, it overall significantly improves the situation for the social network.