Social network catches up to Meta in revenue
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ByteDance, the parent company of TikTok, is preparing a new share buyback programme for employees that values the company at over $330 billion, according to Reuters.
The valuation is thus 5.5% higher than the roughly $315 billion of six months ago. Employees will be offered $200.41 per share, up from the previous $189.90.
The new share buyback follows a period of strong growth. In the second quarter, ByteDance’s revenue rose 25% year-on-year to some $48 billion. With this, the company caught up with Meta and is now the social media company with the highest revenue worldwide.
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