HONG KONG: TikTok owner ByteDance is offering to buy back around $5 billion worth of shares from investors at a price that will value the company at about $268 billion, two people familiar with the matter said on Wednesday.

The Chinese technology giant is offering to buy the shares at $160 each, the same price it offered employees last month.

One of the sources said the $268 billion valuation was about 10% lower than its value a year ago when it conducted a share buy back plan for investors.

The South China Morning Post first reported the news earlier on Wednesday.

ByteDance did not immediately respond to a request for comment.

TikTok owner ByteDance cuts hundreds of jobs in gaming division

The sources declined to be identified as they were not authorised to speak to the media.

ByteDance has been expanding into areas such as e-commerce but has started to retreat from a four-year foray into mainstream video games with a plan to wind down its Nuverse gaming brand, Reuters reported last month.