ByteDance plans US$6bn share buyback at US$400bn valuation
ByteDance plans to repurchase US$6 billion worth of shares at a valuation of US$400 billion, about 20 per cent higher than last year. Founder Zhang Yiming told staff the company can compete with US AI rivals but expects to catch frontier technology by 2029 or 2030.
TikTok-owner ByteDance plans to repurchase US$6 billion (HK$46.9 billion) worth of shares at a valuation of US$400 billion, roughly 20 per cent higher than its valuation during last year’s repurchase, according to The Information.
Separately, reports cited ByteDance founder Zhang Yiming as telling an internal meeting that the company is capable of competing with US artificial-intelligence giants OpenAI and Anthropic. He said that truly catching up with frontier technology is expected at the earliest in 2029 or 2030.
Zhang stressed that ByteDance’s large language models must benchmark themselves against the international first tier, the reports said.