Earlier last week, Zhang Yiming the company’s founder took everyone by surprise by announcing he is stepping down as CEO. This move comes at a time when Chinese regulators are facing flak for their increased scrutiny.
ByteDance launched share buyback this week for former and current employees. The company had planned to list some of its Chinese businesses including the Chinese version of TikTok named Douyin in Hong Kong.
This buyback comes soon after ByteDance declared that it does not have imminent plans for a public listing in April 2021. Earlier last week, Zhang Yiming the company’s founder took everyone by surprise by announcing he is stepping down as CEO. This move comes at a time when Chinese regulators are facing flak for their increased scrutiny.
The price for employees during an earlier buyback in November 2020 was $60 per share. The nine-year-old company typically launches share buybacks twice a year. Some employees of ByteDance recently expressed frustration on social media for not being able to sell their shares in an IPO.
Source: Business World
