TikTok owner valued at $220 billion after acquiring $100 million

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TikTok owner valued at $220 billion after acquiring $100 million

Abu Dhabi-based artificial intelligence firm G 42 acquired a $100 million+ stake in ByteDance, valuing the Chinese unlisted owner of TikTok at $220 billion, Bloomberg News reported late on Tuesday.

The report said another fund bought into ByteDance at $225 billion shortly after, which was owned by Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser.

The company's $220 billion valuation is a significant discount to the $300 billion valuation set during a share buyback program last year, down from the valuations of $300 billion and $400 billion it received in the secondary market in 2021.

Both 42 XFund and ByteDance didn't immediately repsond to Reuters' requests for comment.

In a report earlier in the day, Bloomberg reported that TikTok, ByteDance's short-form video app, is considering separating from its parent to address U.S. concerns about national security risks, as it has come under increasing fire over fears that user data could end up in the hands of the Chinese government, undermining Western security interests.