TikTok's parent company ByteDance is valuing itself at about $300 billion, after it recently approached investors about a share buyback program, according to two people familiar with the matter and a document viewed by Reuters.

According to sources, ByteDance recently approached its investors, presenting an offer at a rate of $180.70 per share. This latest offer reflects a 12.9% increase compared to the $160 per share rate set during their previous buyback program.

The news about the valuation was earlier reported by the Wall Street Journal.

TikTok's Prospects Under Trump and Biden's Legislation

TikTok's prospects in the United States may be looking up following the election of Donald Trump to his second term as US president.

In April, President Joe Biden signed a bill that would ban TikTok from the United States if ByteDance failed to sell the short-form video app. The company was given nine months to make the sale, with the president given the option to extend the deadline by an extra three months.

While Trump had also called for a TikTok ban during his first term, he has subsequently posted that he will "SAVE TIK TOK IN AMERICA," and Republican megadonor Jeff Yass is a major ByteDance investor.

In June, during a Bloomberg BusinessWeek interview, Trump voiced his support for TikTok saying, "I'm for TikTok because you need competition. If you don't have TikTok, you have Facebook and Instagram."

The statement was a departure from his earlier position where he termed TikTok a national security threat.

Legal Issues and Financial Performance

However, ByteDance is now battling legal issues over its US assets and has until January 19 to divest its TikTok stake or face ban under a law signed by President Joe Biden.

Despite these challenges, ByteDance has shown strong financial performance with its global revenue growing by 30% last year to $110 billion.

One source indicated that there are no immediate plans for an IPO, noting that the buyback initiative serves as a method for ByteDance to maintain liquidity.