According to sources, Abu Dhabi’s G42 has purchased a stake in ByteDance for over $100M, which values the Chinese company at $220B.
The purchase was made through G42’s 42XFund and involved acquiring the stake from existing investors over the past few months. Another fund also reportedly purchased a stake in ByteDance at a valuation of $225B shortly after.
According to sources familiar with the matter, Abu Dhabi’s G42 has purchased a stake in ByteDance, the Chinese company that owns TikTok, for over $100M, valuing it at $220B.
The purchase was made by G42’s 42XFund from existing investors in the last few months. However, the valuation is still lower than the $300B valuation established during a share buyback programme in 2021, according to Reuters.
In response to the news, both ByteDance and 42XFund declined to comment. Earlier in the day, Bloomberg reported that TikTok is contemplating a separation from ByteDance to alleviate US concerns regarding national security risks.
This comes as TikTok has faced increasing criticism amid fears that user data could be exploited by the Chinese government, compromising Western security interests.
