ByteDance, the owner of TikTok, concluded a special shareholder meeting on Tuesday morning at which the company endorsed a board decision to repurchase up to $3 billion shares from investors despite opposition from some small shareholders, according to a source who was briefed on the meeting, reports the South China Morning Post.
While the company’s offer of $177 per share would give ByteDance a valuation of $300 billion, placing it among China’s biggest tech giants with a valuation greater than that of Alibaba Group Holding, a number of small investors are unhappy with the price, which is about a quarter lower than its peak price a year ago, the source told the SCMP.
The meeting was completely conducted in English “without translation,” with more than 100 delegates in attendance. ByteDance’s Hong Kong and Singapore offices were open today for investors to sit in, but most chose to dial into the conference remotely using Lark, the company’s business conferencing and collaboration tool.