ByteDance, the Chinese owner of the popular short video app TikTok, has seen its valuation drop by $100 billion over the past year to about $300 billion, according to sources and published deal offers, reports the South China Morning Post.
The latest valuation of the technology giant, whose plans to go public remain up in the air, is the result of an unannounced deal two months ago, according to a person involved in the transaction, who declined to be named because the deal is not public. It was valued at about $400 billion last year in private market deals.
The current valuation is on par with sales offers of ByteDance stakes published on Chinese tech media platform 36Kr. One stake posted to the site on June 1 values the company $320 billion, but it mentions that the price is “negotiable”. That deal was already $30 billion lower than the valuation given in an offer posted in February. The tips published by 36Kr do not disclose information about potential buyers or sellers.