TikTok's parent company ByteDance is valuing itself at about $300 billion, after it recently approached investors about a share buyback program, according to two people familiar with the matter and a document viewed by Reuters.

ByteDance, the parent company of the globally popular app TikTok, has set its valuation at a whopping $300 billion. This marks one of the highest valuations the company has seen to date. What Happened: ByteDance’s valuation was established in a recent share buyback offer.

TikTok parent ByteDance is valuing itself at about $300 billion, one of its highest valuations ever, even as the Chinese tech giant’s popular TikTok app faces the prospect of a looming ban in the U.S.