ByteDance exited VerSe Innovations at a discount of 56%

Chinese internet giant ByteDance has reportedly exited VerSe Innovations, the parent company of vernacular news aggregator Dailyhunt and short-video app Josh, at a discount of 56%.

According to Moneycontrol, the TikTok owner sold its stake in VerSe in a secondary transaction to existing investors such as Ontario Teachers' Pension Plan (OTPP) and Canada Pension Plan Investment Board (CPPIB). The money obtained from a transaction goes to the seller rather than the company in a secondary transaction. In a $102 million deal, ByteDance reportedly sold over 1,39,774 shares to OTPP and over 162,750 shares to CPPIB.

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