TikTok parent company ByteDance recently valued the company at about $300 billion after consulting investors about a stock buyback program, according to two people familiar with the matter and documents seen by Reuters.
ByteDance has contacted investors in recent weeks and offered a price of $180.70 per share, the people said.
The current offer price is a 12.9% increase from the $160 per share price under the previous buyback program.
News of this assessment was earlier reported by the Wall Street Journal.
One of the people said ByteDance has no plans for an IPO, adding that the share buyback program is a way to provide liquidity for ByteDance.
This is the third installment of ByteDance's share buyback program for investors, which has been implementing share buybacks since 2022.
In December 2023, the company offered to buy back approximately $5 billion worth of stock to investors at a price of $160 per share, valuing the company at $268 billion.
Another source, speaking on condition of anonymity, said ByteDance was planning to implement a stock buyback program regardless of the outcome of the U.S. presidential election.
ByteDance, whose global revenue rose 30% last year to $110 billion, is facing a legal battle over its U.S. assets.
The law signed by US President Joe Biden on April 24 gives ByteDance until January 19 to sell TikTok or face a ban. The White House has said it wants to end China-based ownership on national security grounds, but does not want to ban TikTok.
TikTok and ByteDance filed suit in US federal court in May seeking to block the law signed by Biden.
TikTok and ByteDance both declined to comment.
