ByteDance, the Chinese tech giant behind TikTok, is offering to repurchase shares from its employees outside the United States (US) at a price of $160 per share, a source familiar with the matter told Reuters.
The current offer matches the price ByteDance extended to its current and former US employees in October, as per a Reuters report.
The company reportedly aims to buy back at least $300 million worth of stock at this price.
The latest valuation of ByteDance based on this offer stands at $223.5 billion, a significant decline of approximately 26% compared to its valuation a year ago.
Last year, ByteDance was valued at $300 billion during a similar buyback program offered to its non-US employees.
The current $160 price per share represents an increase from the $155 price set in an earlier April buyback.
ByteDance has confirmed the share buyback plan for its employees outside the US for its goal of providing liquidity options for its staff through such programs.
Since 2017, the company has offered buyback programs twice a year to eligible current and former employees.
Buybacks allow employees to cash in their shares without the company having to list on the stock market.
An initial public offering (IPO) for ByteDance has been highly anticipated for years, but the company has stated since 2021 that it has no immediate plans for an IPO due to Beijing's increased scrutiny of China's technology giants.
