ByteDance intends to execute a $330 billion stock repurchase program as its earnings overshadow Meta's figures
ByteDance, the company behind TikTok, reported a 25% year-on-year increase in second-quarter revenue, reaching approximately $48 billion. Most of this growth is attributed to the home market in China. In the first quarter of 2025, ByteDance surpassed Meta to become the world's largest social media company by revenue. However, the company faces regulatory pressure, especially in the United States, over national security concerns and potential data risks.
In related news, a judge in New Hampshire declined TikTok's request to throw out a state lawsuit accusing the platform of luring children with addictive features. ByteDance is also planning a new employee share buyback valued at over $330 billion. Employees will be offered $200.41 per share, an increase of 5.5% from the previous buyback six months ago.
Meanwhile, in the crypto sphere, Santander's Openbank has rolled out Bitcoin, Ether, and more for European users. XRP and Dogecoin ETFs are set to launch this week. The launch comes amidst reports of Dogecoin Whales rotating into Remittix in August. Cronos's CRO also saw a return to a one-year peak as it released a new roadmap.
However, not everything in the crypto world is positive. Monero double-spending threat has grown after a block reorganization, and one user lost $1M USDC to MEV bot after a mistaken transaction. Pi Network is also preparing for its final Testnet1 upgrade ahead of its mainnet transition.
On the stock market front, BYD, a Chinese electric vehicle manufacturer, lost $45 billion in value amidst rising doubts over China EV dominance. Nvidia stock also took a hit, crashing by 3% as China accuses it of breaching anti-monopoly law.
Investment news includes Pantera backing Solana with a $1.1B bet, targeting $750K Bitcoin. Next Technology filed for a $500M common stock offering to buy more BTC. Larry Ellison's companies include OpenAI, Paramount, Warner Bros., and TikTok, as he is part of the consortium leading the planned purchase of TikTok's US business, which also includes Oracle, Andreessen Horowitz, and Silver Lake.
Finally, the UAE M2 crypto exchange has dropped its business model, and How hackers seized the FBI's botnet takedown targets and built a stronger cyberweapon from it remains a concerning issue in the cybersecurity world.
