TikTok maker ByteDance is eyeing share buybacks for as much as US$3 billion from investors at a valuation of roughly US$300 billion as its IPO plans go to the back burner, Bloomberg reported.
The Chinese tech titan detailed its plans to shareholders through an email earlier today, setting a price of about US$177 per share. The set price would value ByteDance at around US$300 billion, a huge dip from its peak of US$400 billion.
The company is also looking to extend its existing stock incentive plan for 10 years, the report noted.
The development follows ByteDance CFO Julie Gao reportedly informing its employees in late August that the company doesn’t plan on going public any time soon.
See Also: Explaining TikTok’s ecommerce bet in Southeast Asia
ByteDance is also extending its footprint in different industries. Its recent efforts include expanding its ecommerce arm TikTok Shop across Southeast Asia and trialing a food delivery service in China through Douyin, TikTok’s domestic counterpart.
Editing by Eileen C. Ang
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