Coatue Management, a New York investment firm that was an early and substantial backer of ByteDance and has a seat on the company’s board, is considering selling part of its stake in the TikTok parent, The Information’s Jing Yang, Erin Woo and Juro Osawa report. According to people familiar with the talks, Coatue has talked to brokers in the secondary market for private stocks to gauge the interest of possible buyers, and is considering selling hundreds of millions of dollars worth of shares out of its multibillion-dollar stake. The firm only wants to sell if it can get a price that values ByteDance at $230B-$240B, one of the people says. Publicly traded companies in the social media space that compete with TikTok include Meta Platforms (META), Alphabet (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
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