AssetID: 53282214
Headline: UNCAPTIONED: ByteDance Offers Investors a Share Buyback at $268 Billion Valuation
Caption: ByteDance Offers Investors a Share Buyback at $268 Billion Valuation. The TikTok owner wants to buy "$5 billion worth of shares from investors," Reuters reports. ByteDance is offering to buy them for $160 each, according to anonymous sources. That price, which the company also offered to its employees in November, would give the company a $268 billion valuation. That valuation is about 10% lower than a year ago when ByteDance carried out a different share buyback plan, Reuters reports. ByteDance has been moving toward new areas like e-commerce while winding down its gaming brand, Nuverse. ByteDance made the announcement about its gaming division on Nov. 27. "We regularly review our businesses and make adjustments to center on long-term strategic growth areas." "Following a recent review, we've made the difficult decision to restructure our gaming business.", ByteDance spokesperson, via Reuters. Nuverse has been in operation for four years. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: ByteDance,offers,investors,share,buyback,billion,valuation,restructure,gaming,business,Nuverse,operation,Reuters,division,adjustments,brand
PersonInImage: