Beijing-based ByteDance, the owner of TikTok, is offering to buy back up to US$5 billion worth of shares from existing investors as its initial public offering plan remains up in air, according to sources briefed on the matter.
The price offered to investors is similar to the US$160 per share offered to employees, which puts the company’s total valuation at US$268 billion, or about 10 per cent lower compared with the value a year ago when it conducted a US$3 billion share buy-back plan for earlier investors, one source, who declined to be named as the matter is private, told the South China Morning Post.
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