{"id":23967,"date":"2023-10-03T09:20:13","date_gmt":"2023-10-03T09:20:13","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/bytedances-valuation-slumps-by-a-quarter-in-stock-buyback-source\/"},"modified":"2023-10-03T09:20:14","modified_gmt":"2023-10-03T09:20:14","slug":"bytedances-valuation-slumps-by-a-quarter-in-stock-buyback-source","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=23967","title":{"rendered":"ByteDance’s valuation slumps by a quarter in stock buyback – source"},"content":{"rendered":"
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\u00a9 Reuters. The ByteDance logo is seen at the company’s office building in Shanghai, China July 4, 2023. REUTERS\/Aly Song\/File Photo<\/span>
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By Krystal Hu and Niket Nishant<\/p>\n

(Reuters) -China’s ByteDance is buying back shares from U.S. employees in a deal that values the TikTok parent company at $223.5 billion, about 26% lower than a valuation a year earlier, a source familiar with the matter told Reuters on Monday.<\/p>\n

Share buybacks for employees allow them to vest without waiting for the company to list in the stock market.<\/p>\n

Last year, ByteDance was valued at $300 billion in a buyback program offered to its non-U.S. employees. Since then its U.S. operations have dropped a rule requiring a “liquidity event”, such as an IPO or company sale, as a condition for the vesting to occur. The rule had been in place for tax reasons.<\/p>\n

ByteDance is looking to buy at least $300 million worth of stock from current and former U.S. employees at $160 per share, the source said. <\/p>\n

The source was not authorised to speak to media and declined to be identified. ByteDance did not immediately respond to a Reuters request for comment. The Information first reported the share buyback price.<\/p>\n

Many late-stage startups have seen their valuations slide in the past two years as sharp interest rate hikes have led to far less capital in the private investment market.<\/p>\n

The deal comes at a time when TikTok is facing calls for a nationwide ban from some U.S. lawmakers over concerns about potential Chinese government influence over it. ByteDance has denied the allegations.<\/p>\n

TikTok CEO Shou Zi Chew was also grilled in a congressional hearing in March where U.S. lawmakers expressed concerns about the impact of the content on the platform on children’s mental health.<\/p>\n

The Wall Street Journal reported on Monday that ByteDance turned an operating profit of nearly $6 billion in the first quarter of 2023, nearly doubling from a year earlier.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. The ByteDance logo is seen at the company’s office building in Shanghai, China July 4, 2023. REUTERS\/Aly Song\/File Photo By Krystal Hu and Niket Nishant (Reuters) -China’s ByteDance is buying back shares from U.S. employees in a deal that values the TikTok parent company at $223.5 billion, about 26% lower than a valuation<\/p>\n","protected":false},"author":1,"featured_media":12583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-23967","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nByteDance's valuation slumps by a quarter in stock buyback - source | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. The ByteDance logo is seen at the company's office building in Shanghai, China July 4, 2023. 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