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TikTok Owner ByteDance Offers to Buy Back $5 Billion Worth of Shares, Valuing the Company at $268 Billion

By Kane Wu and Josh Ye

HONG KONG (Reuters) – In a strategic move, ByteDance, the parent company of popular short-video app TikTok, has reportedly announced its plans to repurchase approximately $5 billion worth of shares from investors. This buyback offer comes at a price that will value the Chinese tech giant at around $268 billion, according to two individuals familiar with the matter.

ByteDance is proposing to acquire the shares at a price of $160 each, which aligns with the price it recently offered to its employees. The $268 billion valuation represents a decline of approximately 10% compared to its value a year ago when the company conducted a share buyback program for its investors.

While ByteDance has been diversifying its business into various sectors, including e-commerce, recent reports suggest the company is gradually stepping away from its four-year venture into mainstream video games. In fact, it has put forward plans to wind down its Nuverse gaming brand, as reported by Reuters last month.

The news regarding ByteDance’s buyback offer was initially reported by the South China Morning Post earlier on Wednesday. However, the company has not yet responded to requests for comment on this matter. The sources familiar with the situation have chosen to remain anonymous as they are not authorized to speak to the media.

ByteDance’s decision to repurchase shares highlights its confidence in the company’s future prospects and its commitment to maintaining control over its ownership structure. As the Chinese tech giant continues to navigate the evolving landscape of the global digital market, this move will likely contribute to its long-term growth strategy.

While the final outcome of the buyback offer remains to be seen, ByteDance’s strategic moves and evolving business strategy continue to attract attention in the dynamic world of technology and digital media.

(Reporting by Kane Wu and Josh Ye in Hong Kong; editing by Miral Fahmy)

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