ByteDance, the owner of short-video app TikTok, is set to launch a new employee share buyback that will value the Chinese technology giant at more than $330B, driven by continued revenue growth, said three people with knowledge of the matter, Reuters’ Krystal Hu, Julie Zhu and Kane Wu report. The company plans to offer current employees $200.41 per share in the repurchase program, the people said, up 5.5% from $189.90 each it offered them about six months ago, which valued ByteDance at roughly $315B. In the first quarter, ByteDance’s revenue rose to more than $43B, making it the world’s No. 1 social media company by sales, topping Facebook and Instagram owner Meta‘s (META) $42.3B in that period, the authors note.
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