ByteDance to Buy Back $3 Billion in Shares After IPO Stalls (1)

ByteDance Ltd. is offering to buy back as much as $3 billion of its own shares from investors at a valuation of about $300 billion, giving existing backers a way to cash out after plans for an initial public offering stalled.

The Beijing-based company, parent of the hit TikTok video app, informed shareholders of the plan Friday via email. The offered price per share of just under $177 gave the company an implied valuation of $300 billion, the company wrote in the memo viewed by Bloomberg News. It also said that it was extending its existing stock incentive plan for ...