TikTok owner ByteDance launches share buyback: Report

AgenciesUpdated: Thursday, May 27, 2021, 11:00 AM IST
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TikTok India head Nikhil Gandhi quits | pexels

ByteDance, the Chinese owner of short video platform giant TikTok-video sharing platform, launched a share buyback this week for current and former employees, two people with direct knowledge of the matter said on Wednesday, Reuters report said.

News reports quoting sources said in April Bytedance said it did not have imminent plans for a public listing.

According to news reports, Caixin was quoted as having learnt, ByteDance may hold its initial public offering on the Hong Kong Stock Exchange, and file its prospectus in the second quarter.

On May 20, Zhang Yiming, the co-founder of TikTok owner ByteDance, told employees of the Chinese technology giant in an internal memo seen by Reuters that he will step down as chief executive, to be succeeded by co-founder Rubo Liang-his college classmate and currently ByteDance’s head-Human Resources.

Zhang will work side by side with Liang over the next six months to ensure a smooth transition. Zhang will remain as a member of the board at ByteDance, according to a report in TechCrunch.

In his memo, Zhang wrote: "The truth is, I lack some of the skills that make an ideal manager. I'm more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people," Zhang was cited by Reuters.

In his open letter, Yiming, with a net worth estimated at around $35.6 billion, admitted, “I'm not very social, preferring solitary activities like being online, reading, listening to music and daydreaming about what may be possible,” Forbes said.

Beijing ByteDance is one of China's largest media content platforms. It is most known for its news app Toutiao and social video app TikTok; its shareholders include Sequoia Capital China, according to Forbes.

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