TikTok Owner ByteDance Is Tech Darling Again With $400 Billion-Plus Valuation
At least three of Bytedance Ltd. 's major investors have marked up the TikTok-owner's valuation to more than $400 billion, a sharp rebound for a Chinese social video leader that has been threatened with a US shutdown.
SoftBank Group Corp. 's Vision Fund revalued the company to north of $400 billion in December, factoring in potential for its artificial-intelligence business Doubao, according to people familiar with the matter. Investing giants Fidelity Investments and T. Rowe Price Group Inc. have also marked up ByteDance, valuing it at above $410 billion and $450 billion, respectively, according to Bloomberg calculations based on November filings to the US Securities and Exchange Commission.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
US and China agree on trade framework after two days of talks in London, Chinese negotiator says
The United States and China have agreed on a trade framework after two days of negotiations in London, China's trade negotiator Li Chenggang told reporters on Wednesday, according to Chinese state broadcaster CGTN. The two sides 'have agreed in principle on the framework for implementing the consensus reached by the two heads of state during their phone talks on June 5 and at Geneva talks last month,' he said. The US and Chinese officials will now take the proposal back to their leaders for approval, US Commerce Secretary Howard Lutnick told reporters in a separate briefing in London, Reuters reported. 'The idea is we're going to go back and speak to President Trump and make sure he approves it. They're going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework,' he said. The latest round of talks, held Monday and Tuesday, followed a long-anticipated phone call last week between US President Donald Trump and Chinese leader Xi Jinping. The call appeared to ease tensions that emerged over the past month after a surprise agreement in Geneva was announced in May. After talks in the Swiss city, the two sides had agreed to drastically reduce tariffs on each other's goods for an initial 90-day period. Initially, the mood was upbeat. However, sentiment soured quickly over two main sticking points: China's control over so-called rare earth minerals and its access to semiconductor technology originating from the US. Lutnick said that China's restrictions on exports of rare earth minerals and magnets to the US will be resolved as a 'fundamental' part of the framework agreement, according to Reuters. 'Also, there were a number of measures the United States of America put on when those rare earths were not coming,' Lutnick said. 'You should expect those to come off, sort of as President Trump said, in a balanced way.' CNN has reached out to the White House for comment. This is a developing story and will be updated.
Yahoo
14 minutes ago
- Yahoo
US-China talks end with plan for Trump and Xi to approve
The US and China say they have agreed in principle to a framework for de-escalating trade tensions between the world's two biggest economies. US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earth minerals and magnets being resolved. Both sides said they would now take the plan to their country's presidents - Donald Trump and Xi Jinping - for approval. The announcement came after two days of negotiations in London between top officials from Beijing and Washington. Chinese exports of rare earth minerals, which are crucial for modern technology, were high on the agenda of the meetings. Last month, Washington and Beijing agreed a temporary truce over trade tariffs but each country has since accused the other of breaching the deal. The US has said China has been slow to release exports of rare earth metals and magnets which are essential for manufacturing everything from smartphones to electric vehicles. Meanwhile, Washington has restricted China's access to US goods such as semiconductors and other related technologies linked to artificial intelligence (AI). "We have reached a framework to implement the Geneva consensus," Lutnick told reporters. "Once the presidents approve it, we will then seek to implement it," he added. The new round of negotiations followed a phone call between Donald Trump and China's leader Xi Jinping last week which the US President described as a "very good talk". "The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva meeting," China's Vice Commerce Minister Li Chenggang said. When Trump announced sweeping tariffs on imports from a number of countries earlier this year, China was the hardest hit. Beijing responded with its own higher rates on US imports, and this triggered tit-for-tat increases that peaked at 145%. In May, talks held in Switzerland led to a temporary truce that Trump called a "total reset". It brought US tariffs on Chinese products down to 30%, while Beijing slashed levies on US imports to 10% and promised to lift barriers on critical mineral exports. It gave both sides a 90-day deadline to try to reach a trade deal. But the US and China have since claimed breaches on non-tariff pledges. US Trade Representative Jamieson Greer said China had failed to rollback restrictions on exports of rare earth magnets. Beijing said US violations of the agreement included stopping sales of computer chip design software to Chinese companies, warning against using chips made by Chinese tech giant Huawei and cancelling visas for Chinese students. Ahead of this week's talks, the Chinese Ministry of Commerce said on Saturday that it had approved some applications for rare earth export licences, although it did not provide details of which countries were involved. Trump said on Friday that Xi had agreed to restart trade in rare earth materials. US and China meet for trade talks in London Trump confirms China trip after 'very good' call with Xi China says US has 'severely violated' tariffs truce
Yahoo
15 minutes ago
- Yahoo
Gold rises as US-China trade uncertainty persists, investors eye inflation data
By Anmol Choubey (Reuters) -Gold prices edged higher on Wednesday as uncertainty surrounding the finalisation of a U.S.-China trade agreement weighed on sentiment and fuelled some safe-haven buying, with investors awaiting key U.S. inflation data for further market direction. Spot gold rose 0.2% to $3,328.89 an ounce, as of 0153 GMT. U.S. gold futures were up 0.2% to $3,349.80. U.S. and Chinese officials agreed on a framework to put their trade truce back on track and resolve China's export restrictions on rare earth minerals and magnets, U.S. Commerce Secretary Howard Lutnick said on Tuesday at the conclusion of two days of intense negotiations in London. Lutnick said that the U.S. team plans to present the framework to President Donald Trump for approval prior to implementation, while the Chinese delegation will similarly seek an endorsement from President Xi Jinping. "We know that U.S. and Chinese negotiators have agreed on a 'framework', but until Trump or Xi approves them, uncertainty lingers. And that uncertainty is supporting gold heading into the inflation figures," said Matt Simpson, a senior analyst at City Index. The U.S. and China had imposed tit-for-tat tariffs in April, sparking a trade war. Following talks in Geneva last month, both nations agreed to cut tariffs back from triple-digit levels. The World Bank on Tuesday slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies. The U.S. consumer price index (CPI) report due at 1230 GMT could give investors more guidance on the U.S. Federal Reserve's policy path. The Federal Reserve will keep interest rates on hold for at least another couple of months, according to most economists polled by Reuters, as risks linger that inflation may resurge due to Trump's tariff policies. Elsewhere, spot silver was unchanged at $36.53 per ounce, platinum fell 0.4% to $1,216.42, while palladium was up 0.3% to $1,063.62.
