ByteDance's valuation slumps by a quarter in stock buyback - source
© Reuters. The ByteDance logo is seen at the company's office building in Shanghai, China July 4, 2023. REUTERS/Aly Song/File Photo -China's ByteDance is buying back shares from U.S. employees in a deal that values the TikTok parent company at $223.5 billion, about 26% lower than a valuation a year earlier, a source familiar with the matter told Reuters on Monday.
Last year, ByteDance was valued at $300 billion in a buyback program offered to its non-U.S. employees. Since then its U.S. operations have dropped a rule requiring a"liquidity event", such as an IPO or company sale, as a condition for the vesting to occur. The rule had been in place for tax reasons.
The source was not authorised to speak to media and declined to be identified. ByteDance did not immediately respond to a Reuters request for comment. The Information first reported the share buyback price. The deal comes at a time when TikTok is facing calls for a nationwide ban from some U.S. lawmakers over concerns about potential Chinese government influence over it. ByteDance has denied the allegations.
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