TELETRADER News
9/27/2022, 8:30 AM
(Source: TeleTrader)
ByteDance clears first $3B share buyback - report
TikTok owner ByteDance cleared its first share buyback for $3 billion despite some opposition from small shareholders, South China Morning Post reported Tuesday following a source who was briefed on the meeting.
Although the $177 per share offer would give ByteDance a $300 billion valuation, placing it among China's biggest tech giants and higher than Alibaba Group Holding, several small investors are unhappy with the price, roughly a quarter lower than its peak price a year ago.
The newly appointed CFO, Julie Gao, chaired the meeting, which was conducted entirely in English "without translation," and over 100 delegates were in attendance.