ByteDance valuation reportedly rises to $480 billions
Jinse Finance reported, citing Bloomberg sources, that a Chinese venture capital firm has acquired a stake in ByteDance, valuing ByteDance at $480 billions. It is reported that Capital Today, led by China’s “venture capital queen” Xu Xin, outbid several interested companies to acquire shares from Bank of China Group, one of ByteDance’s early institutional investors. Initially, these shares were priced at about $200 millions, corresponding to a ByteDance valuation of approximately $360 billions. However, with as many as seven institutions bidding, the price quickly soared, and Capital Today ultimately acquired the shares for nearly $300 millions, valuing the company at close to $500 billions.
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