TikTok will be banned in the US under federal law unless ByteDance sells the app to a US owner by mid-January.
TikTok’s parent company, ByteDance, is now worth about $300 billion, one of the highest valuations for a Chinese technology company, even as it struggles to maintain its popular social network in the United States, Bloomberg reported , citing the WSJ.
The assessment was made on a recent share buyback offer, the newspaper notes, citing anonymous sources. TikTok will be banned in the US under federal law unless ByteDance sells the app to a US owner by mid-January.
ByteDance’s value is rising thanks to several share buybacks, according to the Wall Street Journal. So, in October 2023, as part of a tender offer for employees, the company is worth about $225 billion. The December 2023 purchase raised the value to $268 billion, according to a company email to investors seen by reporters.
President-elect Donald Trump previously supported banning TikTok but recently suggested it was a bad idea. While removing or easing the ban will be a difficult process, Trump’s election victory “significantly improves TikTok’s prospects—there’s no doubt about that,” the National Security Agency’s former general counsel said. Glenn Gerstell at Bloomberg.
Seven families in France have filed a lawsuit against the social network TikTok, accusing the platform of exposing their children to harmful content, which led to two teenagers taking their own lives at the age of 15.
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Source: korrespondent
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.