Chinese media company ByteDance has received board approval to repurchase $3 billion in shares from shareholders during a special shareholder meeting, according to South China Morning Post.
Small shareholders expressed their displeasure with the TikTok parent company’s decision at the meeting, which was conducted in English without interpreters present, a source informed the magazine.
The corporation has offered US $177 per share, which is a quarter less than the share’s highest price from the previous year. In either case, ByteDance’s worth would rise to $300 billion, surpassing Alibaba’s.
The most valuable private firm in China, ByteDance, said it had no plans to go public, according to CFO Julie Gao.
Together, TikTok and its Chinese sibling app Douyin have over 600 million daily active users. The companies monetize their user bases through e-commerce and advertising.