Bytedance Offering Share Buyback for Non- US Staff

China's ByteDance, the parent company of short video app TikTok, is offering to buy back its stock from non-U.S. employees for $160 a share, people familiar with the matter said on Nov 8. The price per unit of restricted stock is in line with the offer the company made to current and former U.S. employees in October, Reuters reported, with the company offering $160 per share. The company is reportedly seeking shares worth at least $300 million.

According to a Reuters report, this price values ​​the company at $223.5 billion, about 26% lower than its valuation in the same period last year. Last year, ByteDance was valued at $300 billion as part of a stock buyback program offered to employees outside the United States. The recent price of $160 is higher than the $155 price set for the company's last share buyback in April, the person added.

A ByteDance spokesperson confirmed the share buyback plan for employees outside the U.S., saying it aimed to provide liquidity options for staff through such programs. The company has offered buyback programs twice a year to eligible current and former staff since 2017.

Buybacks allow employees to cash in shares without waiting for the company to list on the stock market. An initial public offering for ByteDance has been highly anticipated for years, but the company has said since 2021 that it had no imminent plans amid Beijing's heightened scrutiny of China's technology giants.