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Published by: dailynews
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ByteDance’s Valuation Slumps To $223.5 Billion In Stock Buyback

Published by: dailynews
Published on:

ByteDance is buying back shares from U.S. employees in a deal that values the TikTok parent company at $223.5 billion, about 26% lower than the valuation it hit in a similar transaction a year earlier, the Information reported on Monday.

The company is looking to buy at least $300 million worth of stock from current and former U.S. employees, the report said, citing two people with direct knowledge of the situation.

ByteDance did not immediately respond to a Reuters request for comment outside of normal business hours.

Read the full story on Reuters here.