ByteDance Stock

Shareholders approved the move at an investor meeting on Tuesday, boosting the figure from the previous maximum of five, added the source, who sought anonymity as the information was confidential. The five-strong board of the Beijing-based company includes its new chief executive, Liang Rubo, who took over as chairman from founder and former chief executive Zhang Yiming. The other directors are representatives of General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, Reuters has reported.

ByteDance will spend up to $3 billion to repurchase shares in a deal that values the Chinese unlisted owner of TikTok at around $300 billion, according to a company memo to investors seen by Reuters on Friday.

PoliQ, operator of the once-popular virtual social platform Vyou that allowed users to create their own avatars, was bought by ByteDance for "tens of millions of yuan" last week.