The price of ByteDance’s stock option offering was reduced due to sluggish growth, sources say.

ByteDance, the owner of TikTok, is unveiling a new stock option granting programme for its workers that, according to two sources, reduces its costs by 20% compared to the 2021 plan, in an effort to retain talent in the face of sluggish revenue growth.

The decision, according to a ByteDance official, was also intended to recruit fresh talent. On the private equity secondary market, the unlisted business was said to be worth over $300 billion, or nearly $170 per share.

According to one of the individuals, who declined to be named because they are not authorised to speak to the media, this is in comparison to the $300 billion to $400 billion appraisals it obtained on the secondary market last year.

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According to an internal document reviewed by Reuters, ByteDance’s Restricted Stock Unit (RSU) stock option programme will be offered at $155 per share this year. Employees who were awarded shares at a higher price would be eligible for one-time RSU awards based on the new price.

The business provided RSUs for $195 per share at the start of 2021 and $180 per share previously.

According to one of the sources, ByteDance, which undertakes share repurchase programmes twice a year to incentivize staff, also offered to acquire shares from employees at $142 per share earlier this year. The business has no intention to reduce the buyback price.

As a result of the economic recession and Beijing’s regulatory crackdown on the Internet industry, the company’s revenue growth has slowed, and the timing of its highly anticipated initial public offering is uncertain.

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According to Reuters, its yearly sales growth slowed to 70% in 2021 from more than 100% the previous year.