The Chinese internet company ByteDance, which owns TikTok, is willing to buy back shares from its staff members who work outside of the US for $160 a share, according to a person with knowledge of the situation who spoke with Reuters.
According to a Reuters story, the current offer is equal to the sum that ByteDance offered to its present and former US employees in October.
At this price, the business apparently wants to repurchase at least $300 million worth of stock.
Based on this offer, ByteDance’s most recent valuation is $223.5 billion, which represents a substantial decrease of almost 26% from the company’s valuation one year prior.
ByteDance was valued at $300 billion during a comparable repurchase program that was extended to its non-US staff last year.
The price per share has increased from $155 in an earlier repurchase in April to $160 today.
In order to give its personnel liquidity choices through these programs, ByteDance has reaffirmed its plan to buy back shares from its employees who work outside of the United States.
For eligible current and past employees, the firm has been offering buyback programs twice a year since 2017.
Employees can cash in their shares through buybacks, which spares the business from going public on the stock exchange.
For years, there has been much anticipation for ByteDance to go public. However, the business has said since 2021 that it does not currently have any plans to go public because of Beijing’s increasing surveillance of China’s digital titans.