10:46
ByteDance's valuation reportedly rises to $480 billion.
Golden Finance reported that Bloomberg cited informed sources stating that a Chinese venture capital company has acquired a stake in ByteDance, valuing the company at $480 billion.
According to reports, venture capital firm Today Capital has outbid several interested companies to acquire shares from ByteDance's early institutional investor, Bank of China. Initially, this batch of shares was priced at about $200 million, corresponding to a valuation of approximately $360 billion for ByteDance. However, with as many as seven institutions participating in the bidding, the price quickly escalated, and in the end, Today Capital, led by Chinese venture capital queen Xu Xin, purchased the shares for nearly $300 million at a company valuation close to $500 billion.

