Top ByteDance Investor to Weigh $500 Million Stake Sale
- Susquehanna had sought a valuation of more than $400 billion
- China’s crackdown brings uncertainty to TikTok owner’s IPO
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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.