ByteDance plans to use US$400 bln to buy back US$6 bln shares

ByteDance plans to repurchase US$6 billion (HK$46.9 billion) worth of shares at a valuation of US$400 billion, roughly 20 percent higher than its valuation during last year’s repurchase, The Information reported.

Separately, reports cited ByteDance founder Zhang Yiming as saying at an internal meeting that the company is capable of competing with US AI giants OpenAI and Anthropic, but that truly catching up with frontier technology is expected at the earliest in 2029 or 2030. He also stressed that ByteDance’s large models must benchmark against the international first tier.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓