ByteDance offers investors share buyback, valued at US$268 billion: sources
Add BT as a preferred source
TIKTOK owner ByteDance is offering to buy back around US$5 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. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
As more Asean states turn to Russia for fuel, will Moscow boost its influence in the region?
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
Is it time to scrap COE categories for cars?
