SUSQUEHANNA International Group, one of ByteDance Ltd.’s earliest and largest backers, is looking to sell about US$500 million in its shares in the TikTok owner, seeking to diversify its portfolio.

The U.S. investment firm sought to sell the stake at a price that valued ByteDance north of US$400 billion, but it was unsuccessful and has since lowered the offer, according to people familiar with the matter.

Another shareholder in ByteDance recently sold equity at a valuation of between US$360 billion and US$370 billion, said one of the people.

Representatives with Susquehanna and its China division declined to comment, while a ByteDance spokesperson didn’t respond to requests for comment Thursday.

ByteDance has emerged as the world’s most valuable startup. While its potential initial public offering has set off fervent speculation for at least a year, the company has repeatedly said it’s not ready for such a debut.

That fueled a string of ByteDance trades in private markets over the past months, with one dealer saying in August the valuation has dropped to US$450 billion from as much as US$500 billion in July. (SD-Agencies)