ByteDance's Valuation Drops 26% to $223.5B in New Employee Share Buyback

ByteDance is purchasing $300 million in stock from current and former U.S. employees, valuing the company at $223.5 billion.
The lower valuation comes amid a cooling of the private investment market following pandemic highs.
ByteDance recorded a nearly $6 billion operating profit in Q1 2023, almost double the previous year's figure.
The company is facing scrutiny in the U.S. over concerns about Chinese government influence.
TikTok is testing an ad-free, paid subscription model in some markets outside its main free, ad-supported app.