TikTok parent ByteDance to buy back $3 billion worth of shares — report

China-based ByteDance, the privately held parent of social media app TikTok, is looking to repurchase $3 billion of its shares, to help improve liquidity positions of some of its shareholders, according to a Reuters report. The buyback would value ByteDance at about $300 billion, Reuters reported, citing a memo to investors seen on Friday. ByteDance will propose the repurchases to its shareholders at the end of September, and plans to execute the repurchases in the next two to three months, Reuters reported, citing a person with knowledge of the matter.