Selangor Journal
The ByteDance logo is seen at the company’s office building in Shanghai, China, July 4, 2023. — Picture by REUTERS

ByteDance offers share buyback valued at US$268bln — Sources

HONG KONG Dec 6 —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.

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 $268 billion valuation was about 10 per cent lower than its value a year ago when it conducted a share buyback 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

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