The TikTok owner reportedly plans to buy up to $6 billion of investor shares at about a $400 billion valuation, 20% above its previous buyback.
ByteDance plans to buy up to $6 billion of investor shares at about a $400 billion valuation, 20% above last year’s buyback, The Information reported on November 12.
The proposed repurchase would give existing investors a way to cash out of the TikTok owner. ByteDance also runs Douyin, a short-video app in China, news aggregator Toutiao and AI chatbot Doubao.
ByteDance spans short video, commerce and enterprise software through products including TikTok, Douyin and Lark. A proposed $1 billion secondary vehicle would value its shares at an implied $400 billion to $450 billion without funding the company.
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