Newark, NJ - May 17, 2000 - IDT Corporation (NASDAQ:IDTC) today announced that its Board of Directors has authorized the repurchase of up to five million (5,000,000) shares, or approximately 14%, of IDT Corp.'s outstanding common stock. The buyback was approved at a special meeting of IDT's Board of Directors on Tuesday, May 16, 2000. IDT is a leading multinational carrier, telephone company and Internet service provider.

"The recent price level of our stock, coupled with our strong balance sheet, presents an attractive environment for this stock buyback program," said Howard Jonas, Chairman and CEO of IDT.

The purchases will be made from time to time as market and business conditions warrant, in open market, negotiated or block transactions. All purchases are subject to the availability of shares at prices which are acceptable to IDT, and, accordingly, there is no guarantee as to the timing or number of shares to be repurchased.

IDT is a leading facilities-based multinational carrier that combines its position as an international telecommunications operator with its experience as an Internet service provider to provide a broad range of telecommunications services to its wholesale and retail customers worldwide.

Through its own telecommunications backbone and network infrastructure IDT provides its customers with integrated and competitively priced international and domestic long distance telephony, prepaid calling cards, Internet access and Digital Subscriber Line (DSL) service. The Company's Ventures business is developing several innovative telecom and Internet related businesses.

Norman Rosenberg
VP, Finance & Capital Markets
(201) 530-4001

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Mary Jennings
Investor Relations
(201) 928-2975