ByteDance plans a new employee share buyback that will value the company at over $330 billion, following a significant revenue increase to $48 billion in Q2. Despite facing challenges, including the unprofitability of TikTok's US operations, ByteDance's revenue growth has outpaced that of Meta, solidifying its position as the leading social media company by revenue.

President Trump is set to extend the deadline for ByteDance to divest TikTok's U.S. operations for the third time, allowing an additional 90 days to finalize a deal and ensure user data security. This extension comes as the company nears a June 19 deadline imposed by a national security law, which has led to various potential buyers expressing interest in acquiring TikTok's U.S. business.