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

(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.