Byte Jump plans to spend $3 billion to buy back shares, valuing it at about $300 billion

Thanks to CTOnews.com netizen kkkkkkkkkayd for the clue delivery! According to a memo sent to investors by byte jump on Friday, Sept. 16, the company is planning to spend $3 billion to buy back shares, a deal that values it at about $300 billion (2.1 trillion yuan).

According to foreign media citing people familiar with the matter, the move is mainly to help some shareholders improve their liquidity. It is understood that byte jump had previously considered an initial public offering (IPO) in Hong Kong, but the company said in April last year that it had no current plans to list.

The byte jump board will submit a share buyback plan to shareholders at the end of this month and plans to implement the plan within the next two to three months, according to people familiar with the matter. The plan values byte-jumping stocks at about $176.9 a share.

Recently, private markets have valued byte jumps at $300 billion or less. By comparison, the company was valued at between $300 billion and $400 billion in the private equity market last year.

Even with a valuation of $300 billion, Byte Jump is still one of the most highly valued private companies in the world, according to CB Insights, a market research firm.

In august, byte jump cut the price of stock options granted to employees in the 2021 plan by 20%. The company's revenue growth also slowed to 70% in 2021, up from more than 100% a year ago.