Exclusive: TikTok owner ByteDance will allow US employees to cash out on shares without waiting for the company to list in the stock market
The move is aimed at appeasing restless employees who have been waiting for an initial public offering to profit from the shares they have been awarded as part of their compensation.
It is also an indication that ByteDance, whose worth in excess of $200 billion makes it the world's most valuable startup, is in no rush to go public amidByteDance will now allow restricted shares of U.S. employees to vest as long as sufficient time has passed, the sources said. The company previously set a "liquidity event", such as an IPO or company sale, as a condition for the vesting to occur, the sources added.
The employees were informed of the changes on Tuesday, the sources said. A ByteDance spokesperson confirmed that the company has changed its share vesting rules but declined to comment on the details. "Our goal is to provide competitive rewards for our employees. We announced an internal solution that will make our U.S.-based employees eligible to participate in future share buyback programs," the spokesperson said.The changing of the rules has a downside for some employees, the sources said. The vesting of the shares will now be considered a U.S. taxable event, even for employees who have not sold their shares, according to the sources.
TikTok, which is used by more than 150 million Americans, insists it "has not shared, and would not share, U.S. user data with the Chinese government, and has taken substantial measures to protect the privacy and security of TikTok users."
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