ByteDance offers investors share buyback, valued at $359b: Sources
The ByteDance logo is seen at the company's office building in Shanghai, China, July 4, 2023.
PHOTO: Reuters file
PUBLISHED ONDecember 06, 2023 9:42 AM
HONG KONG — TikTok owner ByteDance is offering to buy back around US$5 billion (S$6.7 billion) worth of shares from investors at a price that will value the company at about US$268 billion, two people familiar with the matter said on Wednesday (Dec 6).
The Chinese technology giant is offering to buy the shares at US$160 each, the same price it offered employees last month.
One of the sources said the US$268 billion valuation was about 10 per cent lower than its value a year ago when it conducted a share buy back plan for investors.
The South China Morning Post first reported the news earlier on Wednesday. ByteDance did not immediately respond to a request for comment. The sources declined to be identified as they were not authorised to speak to the media.
ByteDance has been expanding into areas such as e-commerce but has started to retreat from a four-year foray into mainstream video games with a plan to wind down its Nuverse gaming brand, Reuters reported last month.
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