Abu Dhabi’s G42 acquires stake in TikTok owner ByteDance
- Date: 22-Mar-2023
- Source: Wamda
- Sector:Technology
- Country:UAE
Abu Dhabi’s G42 acquires stake in TikTok owner ByteDance
Source: Bloomberg
ByteDance Ltd. was valued at around $220 billion in a recent private-market investment by Abu Dhabi AI firm G42, a significant discount to the $300 billion that TikTok’s owner set during a recent share buyback program.
G42, controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan, acquired a $100 million-plus stake from existing investors in recent months through its 42XFund, people with knowledge of the deal said. Another fund bought into ByteDance at a $225 billion shortly after, one of the people said, asking not to be identified describing non-public information.
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