10/2, 10:49 PM (Source: TeleTrader)
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ByteDance's valuation reportedly drops 26% to $223.5B

ByteDance's valuation has fallen in the current year around 26%, a report by The Information said Monday, citing people with knowledge of the matter.

The company's new valuation is inferred from TikTok's parent company's desire to acquire the shares of current and former US workers for at least $300 million, which is less than a share buyback offer that took place last year.

According to the sources, the company will pay $160 per share to both current and former employees, who have until the end of October to communicate to the firm if they want to sell their stocks.

Baha Breaking News (BBN) / JJ