ByteDance plans to spend $5 billion buying back TikTok stock, offering shareholders $160 per share, valued at around $268 billion. Shareholders are asked to sign up for the program.

Private company ByteDance has announced a series of buybacks for shareholders, following a recent offer to repurchase restricted stock units or options from employees for $160 per share. The company, founded in 2012, is facing challenges such as global scrutiny of its TikTok app, job cuts in its gaming division, and a slowing Chinese economy and stricter internet regulation.