Chinese ByteDance, the parent company of TikTok, has disclosed that the company is willing to pay $160 per share to employees who work for it outside of the US.
In October, the company made an offer to present and former U.S. employees and the price per restricted stock unit is in accordance with that offer. Reuters reported that the company was trying to purchase at least $300 million worth of stock at $160 per share.
The most recent price of $160 is greater than the $155 price that was established in a prior repurchase in April.
According to a ByteDance representative, the purpose of the share buyback programme for staff members residing outside of the United States is to give them access to liquidity options.
Since 2017, the company has provided qualified current and past employees with repurchase programmes twice a year.
Employees can cash in their shares through buybacks without having to wait for the company to become public. Years have passed since ByteDance’s widely anticipated IPO, but the company has stated that it has no immediate plans due to Beijing’s increased surveillance of China’s tech titans since 2021.
