TikTok Owner ByteDance’s Valuation Drops Below $300 Billion

ByteDance Ltd. has traded in recent weeks at valuations well below $300 billion, down at least 25% from last year after investors cashed out of the social media giant with its IPO now on ice.

Investors have been buying shares in China’s biggest startup at valuations as low as $275 billion, people with knowledge of the deals said. In one case, a prospective buyer negotiated the seller down to $280 billion before eventually pulling the plug, one of the people said. Some investors have offered as low as $250 billion though there’s still a wide gap between many potential buyers and sellers, they said, asking not to be identified describing undisclosed transactions.