TikTok's parent company, ByteDance, is initiating a new share repurchase program, raising valuations from six months ago. This move highlights ByteDance's financial resilience despite facing a U.S. ban due to national security concerns.

TikTok, owned by the Chinese company ByteDance, has been at the center of controversy in the U.S. for four years now due to concerns about user data As TikTok's future remains uncertain, a number of prominent moguls and companies are competing for the opportunity to purchase the app.