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ByteDance to Buy Back $3 Billion in Shares After IPO Stalls

  • Company offering investors a way out at $300 billion valuation
  • TikTok parent is battling rekindled US concern about its app
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ByteDance Ltd. is offering to buy back as much as $3 billion of its own shares from investors at a valuation of about $300 billion, giving existing backers a way to cash out after plans for an initial public offering stalled.

The Beijing-based company, parent of the hit TikTok video app, informed shareholders of the plan Friday via email. The offered price per share of just under $177 gave the company an implied valuation of $300 billion, the company wrote in the memo viewed by Bloomberg News. It also said that it was extending its existing stock incentive plan for another 10 years.