Caixin
Sep 17, 2022 04:47 AM
TECH

ByteDance to Buy Back $3 Billion of Shares After IPO Stalls

ByteDance has grown into the world’s most valuable startup on the success of apps like TikTok and its Chinese counterpart Douyi
ByteDance has grown into the world’s most valuable startup on the success of apps like TikTok and its Chinese counterpart Douyi

(Bloomberg) — ByteDance Ltd. offered to buy back as much as $3 billion of its shares from investors at a valuation of about $300 billion, giving backers a way to cash out after plans for an initial public offering stalled.

The Beijing-based company, parent of the hit TikTok short-video app, informed shareholders of the plan Friday via email. The offered price per share of just under $177 gives the company an implied valuation of $300 billion, the company wrote in the memo viewed by Bloomberg News. It also said it was extending its stock incentive plan for 10 years.

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