ByteDance ( BDNCE ), the parent of the TikTok short video app, is said to be offering to buy back as much as $3 billion of its shares from investors as its plan for an initial public offering are on hold.
ByteDance ( BDNCE ) is offering just under $177/share to investors for an implied valuation for the company of $300 billion, according to a Bloomberg report, which cited a memo.
The news comes after ByteDance ( BDNCE )
CFO Julie Gao told an employee meeting that the company is staying a private entity for the time being, according to a report earlier this month. That's despite one of the world's biggest private valuations: ByteDance was likely worth $400B at its peak, and likely closer to $300B now amid a macro growth pullback.
ByteDanc'se TikTok short-video social app grew exponentially, sending ripples through plans of its rivals, the biggest social-media names in the world: Meta Platforms ( META ), YouTube ( GOOG ) ( GOOGL ), Twitter ( TWTR ), Snap ( SNAP ), and Pinterest ( PINS ).
The Information reported in late October that ByteDance was valued at $320 billion in a sale to a Middle Eastern billionaire and was valued at $350B in a sale to a hedge fund. The figures were below the $400B the TikTok parent was valued at in private transactions before China started its crackdown on the tech sector.
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TikTok parent ByteDance said to offer to buy back $3B in its shares as IPO delayed