A man stands near a giant sign of Chinese company ByteDance's app TikTok, known locally as Douyin, during China Fashion Week, in Beijing, China March 31, 2021. REUTERS/Tingshu Wang - RC24MM9UKX2THONG KONG, Sept 19 - ByteDance is dancing to a different tune to keep stakeholders happy. TikTok's Chinese parent isto buy back shares at a price that values the company at around $300 billion.
Startups rarely have good reasons to splurge on buybacks. But in this case backers including SoftBank and Sequoia Capital can hope ByteDance's repurchase plan puts a floor under its falling private-market valuation. Taking some money off the table now looks prudent, too. In addition to the current global stock rout and regulatory volatility in Beijing, the company also faces
in Washington over data security at its short-video crown jewel, TikTok, which boasts 1 billion monthly users worldwide.as part of a broader restructuring effort that has seen it back off from once-enticing segments like video games and online education. With growth set to slow further this year, ByteDance is paying up to keep the music playing.
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