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ByteDance's valuation reportedly rises to $480 billion.
[ByteDance's valuation reportedly rises to $480 billion] Bloomberg cited sources familiar with the matter, revealing that a Chinese venture capital firm has acquired a stake in ByteDance, valuing the company at $480 billion. It is reported that the venture capital firm Today Capital has defeated several interested bidding companies to acquire shares from ByteDance's early institutional investor, Bank of China. Initially, the shares were priced at around $200 million, corresponding to a valuation of approximately $360 billion for ByteDance. However, due to up to seven institutions participating in the bidding, the price quickly rose, and ultimately Today Capital, led by China's venture capital queen Xu Xin, purchased the shares for nearly $300 million at a valuation close to $500 billion.