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    HomeMusicTikTok Owner ByteDance Offers to Buy Back $3B in Outstanding

    TikTok Owner ByteDance Offers to Buy Back $3B in Outstanding

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    The repurchase plan comes after the Chinese video app company postponed its IPO. 

    Byte Dance In this photo illustration, a Byte Dance logo is displayed on a smartphone with stock market graphics in the background. Omar Marques/SOPA Images/LightRocket/GI

    TikTok owner ByteDance Ltd. could spend as much as $3 billion to buy back shares from investors after the company scrapped its plans to go public this year, the Wall Street Journal reported on Friday, citing a memo sent to ByteDance investors. 

    The China-based company offered to repurchase investors’ existing shares for up to $176.94 per share, a move that would value ByteDance at close to $300 billion, much higher than previously reported, according to the WSJ.  

    While the company did not provide a reason for the share repurchase in its memo, the move would provide liquidity to some of its long-term shareholders, offering some recompense for the scrapped IPO plans, the WSJ reported. 

    ByteDance indefinitely shelved plans for an initial public offering in the U.S. or Hong Kong in July after officials in China warned management to address data security risks, with founder Zhang Yiming making the decision after meetings with regulators, it was reported at the time. The company was then thought to be valued at $180 billion, according to its most recent funding round in December.

    ByteDance did not respond to Billboard’s request for comment by the time of publishing.  

    If the $3 billion Bytedance budgeted for the share repurchase is not enough to meet investor demand, the company will buy back an equal proportion of shares from each, according to the WSJ.  

    Chinese authorities have increased scrutiny of technology companies since late 2020 in an effort to crack down on what it perceives as monopolies. It has also instituted new rules governing data collection and cybersecurity. 

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