9/27/2022, 8:30 AM (Source: TeleTrader)
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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.

Baha Breaking News (BBN) / JG