ByteDance Offers Investors a Share Buyback , at $268 Billion Valuation.
The TikTok owner wants to buy "$5 billion worth
of shares from investors," Reuters reports.
ByteDance is offering to buy them for
$160 each, according to anonymous sources.
That price, which the company also
offered to its employees in November, .
would give the company
a $268 billion valuation.
That valuation is about 10% lower than a year ago when ByteDance carried out a different share buyback plan, Reuters reports. .
ByteDance has been moving toward
new areas like e-commerce, .
while winding down
its gaming brand, Nuverse.
ByteDance made the announcement about
its gaming division on Nov. 27.
We regularly review our businesses
and make adjustments to center on
long-term strategic growth areas. , ByteDance spokesperson, via Reuters.
Following a recent review, we've
made the difficult decision to
restructure our gaming business, ByteDance spokesperson, via Reuters.
Nuverse has been in operation for four years.