Abu Dhabi's G42 buys ByteDance stake at $220 billion valuation, report says

Abu Dhabi-based artificial quality steadfast G42 acquired a $100 cardinal positive involvement in ByteDance, valuing the Chinese unlisted proprietor of TikTok astatine $220 billion, Bloomberg News reported late connected Tuesday, citing radical with cognition of the deal.

G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan, who is besides the UAE's nationalist information adviser, acquired the involvement from existing investors successful caller months done its 42XFund, the study said, adding that different money besides bought into ByteDance at a $225 cardinal soon after.

The company's $220 cardinal valuation is simply a sizeable discount to the $300 cardinal valuation acceptable during a share buyback program last year, down from the valuations of betwixt $300 cardinal and $400 cardinal it received successful the secondary marketplace successful 2021.

Both 42XFund and ByteDance did not instantly repsond to Reuters' requests for comment.

Bloomberg had earlier successful the time reported that TikTok, ByteDance's short-form video app, is considering separating from its genitor to assistance code U.S. concerns astir nationalist information risks, arsenic it has travel nether expanding occurrence implicit fears that idiosyncratic information could extremity up successful the hands of the Chinese government, undermining Western information interests.