ByteDance CFO Julie Gao told employees last week that the company is not doing an IPO, sources told South China Morning Post.
Gao announced this at an online meeting that was also attended by top executives including ByteDance CEO Liang Rubo and TikTok CEO Shou Zi Chew.
The Chinese tech giant is also planning to cut down on its non-core businesses to limit losses.
ByteDance’s valuation took a hit in July, when investors were reportedly buying its shares for a valuation as low as US$275 billion. The company was valued at US$400 billion at its peak, one of the highest for any startup globally.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond (Updated)
Editing by Arpit Nayak
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