Susquehanna International Group, one of ByteDance Ltd.¡¯s earliest and largest backers, is looking to sell about $500 million of its shares in the TikTok owner, seeking to diversify its portfolio during China¡¯s tech crackdown and profit from the startup¡¯s growth.
The U.S. investment firm sought to sell the stake at a price that valued ByteDance north of $400 billion, but it was unsuccessful and has since lowered the offer, according to people familiar with the matter. Another shareholder in ByteDance recently sold equity at a valuation of between $360 billion and $370 billion, said one of the people, asking to not be identified discussing private information.
Representatives with Susquehanna and its China division declined to comment, while a ByteDance spokesperson didn¡¯t respond to requests for comment.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.