Core Insights - ByteDance's Q2 revenue surged 25% year-on-year to approximately $48 billion, surpassing Meta's $47.5 billion for the same period, solidifying its position as the largest social media company by revenue globally [3] - The company is preparing a new employee stock buyback plan, which is expected to increase its overall valuation to over $330 billion, with a buyback price of $200.41 per share, reflecting a 5.5% increase from the previous buyback price [3] - Despite surpassing Meta in revenue, ByteDance's valuation remains less than one-fifth of Meta's approximately $1.9 trillion market cap, primarily due to political and regulatory risks in the U.S. [4] Revenue Performance - ByteDance's revenue for Q2 reached about $48 billion, marking a 25% increase year-on-year [3] - In Q1, ByteDance's revenue exceeded $43 billion, again surpassing Meta's revenue of $42.3 billion [3] Employee Stock Buyback - The upcoming buyback plan aims to enhance employee liquidity and showcase the company's strong balance sheet and profit margins [3] - The buyback is expected to officially commence this fall [3] Valuation and Market Position - ByteDance's valuation is projected to exceed $330 billion following the buyback, up from approximately $315 billion six months prior [3] - The company relies on its own funds for buybacks, contrasting with other firms like SpaceX and OpenAI that depend on external investors [3] Regulatory Environment - ByteDance faces significant political and regulatory challenges in the U.S., including a mandate to divest TikTok's U.S. operations by January 19, 2025, or face a complete ban [4] - The deadline for divestment has been extended multiple times, with the latest extension to September 17, and uncertainty remains regarding future extensions [4] - The company is reportedly preparing an independent app for the U.S. market as a contingency plan amid ongoing geopolitical tensions [4]