ByteDance, the parent company of TikTok, has launched a new stock buyback program offering US employees $189.90 per share, Reuters reported Tuesday, citing sources familiar with the matter. The repurchase price marks an 11% increase from last year’s $171 per share and a 5% rise from the $181 offered six months, bringing the company’s valuation to approximately $315 billion. ByteDance has no plans for an IPO, with the buyback serving as a liquidity option for employees, according to the report.
According to The Information, ByteDance’s international revenue surged over 60% in the first half of 2024 to around $17 billion. The company’s total revenue, primarily driven by advertising and e-commerce from Douyin (the Chinese version of TikTok) and news app Toutiao, grew more than 35% to approximately $73 billion. [iThome, in Chinese]
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