ByteDance, the parent company of social media platform TikTok, will spend up to $3 billion to repurchase shares in a deal that values the company at around $300 billion, according to a company memo seen by Reuters.
A source with direct knowledge of the plan told the news agency its intent was to improve the liquidity positions of some of ByteDance’s shareholders.
The source also revealed that the company's board will put the proposal, which values its shares at up to $176 each, to its shareholders at the end of this month and intends to carry out the buyback in the next two to three months.
The reported $300 billion valuation would make ByteDance one of the world’s most valuable private companies, according to CB Insights.
ByteDance has reportedly explored the possibility of conducting an initial public offering in Hong Kong, but the company said in April 2021 that it had no imminent plans for this.
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