The valuation of TikTok owner ByteDance has dropped by a quarter over the past year to $300 billion, based on the company’s latest share buy-back, as its initial public offering remains up in air, according to two separate sources briefed on the plan, reports the South China Morning Post.
One source told the South China Morning Post that an extraordinary shareholders meeting is scheduled for later this month to vote on the share repurchase and other proposals, including a plan to boost the company’s authorised share capital.
For the share buy-back, China’s most valuable unicorn is budgeting up to $3 billion to repurchase shares from existing investors at $177 apiece, which values it at around $300 billion, according to the sources.
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