- tech360.tv
ByteDance Offers to Buy Back TikTok Shares from Staff at $160 Each
Updated: Jan 8
ByteDance, the parent company of popular short video app TikTok, is planning to buy back shares from its employees outside the United States at a price of $160 per share, according to a source familiar with the matter.
This offer is in line with the one made to current and former U.S. employees in October. The buyback program is valued at least $300 million and aims to provide liquidity options for staff.
The $160 price per share is higher than the $155 price set in an earlier buyback in April. However, it is 26% lower than ByteDance's valuation a year ago, which was $223.5 billion. The company had previously been valued at $300 billion in a buyback program for non-U.S. employees.
ByteDance has confirmed the share buyback plan, stating that it has been offering such programs twice a year since 2017 to eligible current and former staff. The buyback allows employees to cash in their shares without waiting for the company to go public.
While an initial public offering for ByteDance has been highly anticipated, the company has stated since 2021 that it has no immediate plans for an IPO due to increased scrutiny from Beijing on China's technology giants.
ByteDance, the parent company of TikTok, plans to buy back shares from its employees outside the United States at $160 per share.
The buyback program is valued at least $300 million and aims to provide liquidity options for staff.
The $160 price per share is higher than the previous buyback price of $155.
Source: Reuters