ByteDance, the company behind TikTok, is considering share buybacks from investors for as much as $3 billion at a valuation of almost $300 billion as its IPO ambitions are put on hold, according to Bloomberg.
In an email sent to shareholders earlier today, the Chinese tech giant laid out its goals and set a share price of roughly US $177. ByteDance’s worth would be established at roughly $300 billion USD, a significant decrease from its peak value of $400 billion USD.
According to the article, the corporation also intends to keep its current stock incentive plan in place for another ten years.
The change comes after ByteDance CFO Julie Gao allegedly told staff members in late August that the business had no immediate plans to go public.
Additionally, ByteDance is expanding its reach into new markets. Recent initiatives include extending TikTok Shop’s reach throughout Southeast Asia and testing a meal delivery service through Douyin, TikTok’s domestic rival, in China.