The 10-year-old company typically launches share option buybacks twice a year for employees, sources have said.
ByteDance had been exploring the possibility of holding an Initial Public Offering (IPO) in Hong Kong, sources have told Reuters. But earlier this year, Chief Financial Officer Julie Gao told employees at an internal meeting that the company did not have a timetable for an IPO, according to people who attended the meeting.
The privately held company was recently valued at about $300 billion, or about $170 a share, on the secondary private equity market, down from the $400 billion high. dollars reached last year, according to sources.
The company also launched a share buyback last month that will allow it to spend up to $3 billion buying back shares from its investors, who valued the company at up to $300 billion.
With information from Reuters