The world’s most valuable startup does more than any other investment to put VCs on the Forbes Midas List, including its No. 1. But tens of billions in profits remain blocked by a regulatory standoff with no resolution in sight.
by two sources. That would put it at roughly the same scale as Tencent, the public Chinese tech holding company that recently carried a market cap of about $470 billion. And it means that were ByteDance to go public, it would likely supplant Alibaba’s public offering, which raised $25 billion at a market cap of $231 billion in 2014, as the largest tech IPO ever.
Among VCs, other Midas List investors with ByteDance stakes include No. 10 Hans Tung of GGV Capital, No. 20 Scott Shleifer of Tiger Global, No. 37 Marc Stad of Dragoneer Investment Group and No. 71 Anton Levy of General Atlantic. One point of debate is ByteDance’s fair price. Mutual funds AIG, Fidelity, BlackRock and T. Rowe Price still mark the company at share prices that imply a valuation range of $260 billion to $320 billion. Notice, a data provider that tracks bids and offers for secondary shares, estimates a real-time price of about $180 billion, similar to ByteDance’s December 2020 funding round.
“We’ve been surprised that, with all the noise in Washington, that marketplace hasn’t moved much in price,” Anderson said. Still, he pointed out that these numbers are half the value of 2021 transactions that implied a $400 billion-plus market cap, with the drop already factoring in regulatory uncertainty of a potential TikTok ban.
Failing that, the next best option for investors would be a sale of TikTok’s global business, opening the way for them to hold stakes in ByteDance and TikTok as separate entities — which could mean separate domestic IPOs.
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