The repurchase plan comes after the Chinese video app company postponed its IPO.
In this photo illustration, a Byte Dance logo is displayed on a smartphone with stock market graphics in the background.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, theThe China-based company offered to repurchase investors’ existing shares for up to $176.
at the time. The company was then thought to be valued at $180 billion, according to its most recent funding round in December.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 theChinese authorities have increased scrutiny of technology companies since late 2020 in an effort to crack down on what it perceives as monopolies.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TikTok-Owner ByteDance Offers to Buy Investors’ Shares After Scrapping IPO PlanChina's ByteDance is offering to buy back shares from its investors, allowing them the chance to cash in after the TikTok owner ruled out plans for an initial public offering
Read more »
TikTok parent ByteDance to buy back $3 billion worth of shares -- reportChina-based ByteDance, the privately held parent of social media app TikTok, is looking to repurchase $3 billion of its shares, to help improve liquidity...
Read more »
Canadian Tesla owner says automaker locked him out of his car until he pays $26,000 for new batteryA Canadian Tesla owner on TikTok said his electric vehicle died, locked him out, and that a new battery would cost him $26,000.
Read more »
Bang Energy’s TikTok Videos Infringed Sony’s Copyrights, Judge SaysThe beverage brand said it thought that TikTok’s music tools were OK to use, but a judge didn’t buy it.
Read more »
Several analysts bail on FedEx after delivery giant's earnings warningIt's time for investors to take a pause on buying up shares of FedEx, analysts say.
Read more »