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The Wall Street Journal

TikTok-Proprietor ByteDance Affords to Purchase Traders’ Shares After Scrapping IPO Plan

SINGAPORE—China’s ByteDance is providing to purchase again shares from its traders, permitting them the possibility to money in after the TikTok proprietor ruled out plans for an preliminary public providing.

The Beijing-based firm will spend as much as $3 billion in money to repurchase shares from present shareholders at a value of as much as $176.94 a share, in accordance with a memo despatched to traders and seen by The Wall Avenue Journal. The deal would value the company at round $300 billion, which is larger than a lot of the current presents within the private-equity secondary market, folks acquainted with the matter stated.

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