ByteDance, the guardian firm of TikTok, has launched a brand new inventory buyback program providing US staff $189.90 per share, Reuters reported Tuesday, citing sources conversant in the matter. The repurchase value marks an 11% improve from final 12 months’s $171 per share and a 5% rise from the $181 supplied six months, bringing the corporate’s valuation to roughly $315 billion. ByteDance has no plans for an IPO, with the buyback serving as a liquidity choice for workers, in response to the report.

Based on The Information, ByteDance’s worldwide income surged over 60% within the first half of 2024 to round $17 billion. The corporate’s whole income, primarily pushed by promoting and e-commerce from Douyin (the Chinese language model of TikTok) and information app Toutiao, grew greater than 35% to roughly $73 billion. [iThome, in Chinese]

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