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ByteDance launches a share buyback
May 27, 2021
ByteDance, the Chinese owner of short video platform giant TikTok, launched an offer buyback this week for current and former employees, two individuals with direct information on the matter said on Wednesday.
The buyback comes after ByteDance reported in April that it didn’t have imminent plans for a public listing. The organization had wanted to show a portion of its Chinese organizations including TikTok’s Chinese version Douyin in Hong Kong, sources recently told Reuters.
A week ago, organization organizer Zhang Yiming suddenly declared that he will venture down as CEO, a move that comes as Chinese controllers are increasing investigation of the country’s greatest technology firms.
In an email shipped off current and previous representatives this week, ByteDance said qualified investors can apply to sell their property by June 20 at $126 per share for current workers and $100.80 per share for previous representatives, individuals said.
The prize for current employees during a previous buyback last November was $60 an offer, the sources said.
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