TikTok parent ByteDance said to offer to buy back $3B in its shares as IPO delayed
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ByteDance (BDNCE), the parent of the TikTok short video app, is said to be offering to buy back as much as $3 billion of its shares from investors as its plan for an initial public offering is on hold.
ByteDance (BDNCE) is offering just under $177/share to investors for an implied valuation for the company of $300 billion, according to a Bloomberg report, which cited a memo.
The news comes after ByteDance (BDNCE) 
CFO Julie Gao told an employee meeting that the company is staying a private entity for the time being, according to a report earlier this month. That's despite one of the world's biggest private valuations: ByteDance was likely worth $400B at its peak, and likely closer to $300B now amid a macro growth pullback.
ByteDance's TikTok short-video social app grew exponentially, sending ripples through plans of its rivals, the biggest social-media names in the world: Meta Platforms (META), YouTube (GOOG) (GOOGL), Twitter (TWTR), Snap (SNAP), and Pinterest (PINS).
The Information reported in late October that ByteDance was valued at $320 billion in a sale to a Middle Eastern billionaire and was valued at $350B in a sale to a hedge fund. The figures were below the $400B the TikTok parent was valued at in private transactions before China started its crackdown on the tech sector.