Chinese tech giant ByteDance reportedly raised its value to $300 billion

TikTok owner ByteDance now values itself at around $300 billion, among the highest valuations for a Chinese tech company.

The company’s valuation came in a recent share buyback at about $180 a share, The Wall Street Journal reported, and indicates that it expects its business to grow even as its app TikTok faces a potential ban in the US.

Both TikTok executives and experts in Washington believe President-elect Donald Trump could reverse the law, which goes into effect the day before he is inaugurated, and his election “significantly improves the picture for TikTok,” the National Security Agency general counsel told Bloomberg.

ByteDance also owns various other businesses, including a Chinese version of TikTok called Douyin.