HONG KONG Dec 6 —TikTok owner ByteDance is offering to buy back around US$5 billion worth of shares from investors at a price that will value the company at about US$268 billion, two people familiar with the matter said on Wednesday.
The Chinese technology giant is offering to buy the shares at US$160 each, the same price it offered employees last month.
One of the sources said the $268 billion valuation was about 10 per cent lower than its value a year ago when it conducted a share buyback plan for investors.
The South China Morning Post first reported the news earlier on Wednesday. ByteDance did not immediately respond to a request for comment. The sources declined to be identified as they were not authorised to speak to the media.
ByteDance has been expanding into areas such as e-commerce but has started to retreat from a four-year foray into mainstream video games with a plan to wind down its Nuverse gaming brand, Reuters reported last month.
— Reuters
