According to Reuters, ByteDance's second-quarter revenue surged 25% year-over-year to approximately $48 billion, once again surpassing Meta Platforms, Inc.'s $47.5 billion for the same period. The majority of ByteDance's revenue originated from the Chinese market. Earlier in the first quarter, ByteDance's revenue had already exceeded $43 billion, surpassing Meta Platforms, Inc.'s $42.3 billion for that quarter, marking the first time it claimed the top position in global social media revenue. ByteDance is now further consolidating its position as the "world's largest social media company by revenue scale."

Meanwhile, ByteDance is preparing to launch a new round of employee share buyback programs. According to three sources familiar with the matter, this buyback will value the company at over $330 billion. The company plans to offer existing employees $200.41 per share in this buyback, representing a 5.5% increase from approximately $189.90 per share about six months ago, when the corresponding valuation was around $315 billion. This round of buybacks is expected to officially launch this fall.

As a private company, ByteDance's biannual buybacks not only provide employees with liquidity and cash-out opportunities but also demonstrate its robust balance sheet and considerable profit margins. Unlike SpaceX, OpenAI, and others that rely on external investor funding for buybacks, ByteDance has consistently used its own funds for completion, highlighting its financial flexibility.

However, despite surpassing Meta Platforms, Inc. in revenue this year, ByteDance's valuation remains less than one-fifth of Meta Platforms, Inc.'s approximately $1.9 trillion market capitalization. Analysts generally attribute this primarily to political and regulatory risks in the United States. Last year, the U.S. Congress passed legislation requiring ByteDance to divest TikTok's U.S. operations by January 19, 2025, or face a comprehensive ban. President Trump has extended the deadline multiple times, with the latest deadline pushed to September 17, stating that American buyers are waiting in line, though whether another extension will occur remains uncertain.

Industry insiders note that the new round of buybacks may help stabilize the sentiment of ByteDance employees in the U.S., some of whom harbor concerns about TikTok's future. Additionally, ByteDance has reportedly been preparing an independent application for the U.S. market as a contingency plan should the deal face complications, but whether this plan will materialize remains unknown amid the ongoing tensions between Trump and Beijing.