UAE’s G42 buys $100 million share in China's ByteDance, parent of TikTok
ByteDance, the parent company of TikTok, has seen its value fluctuate, predominantly due to investor uncertainty caused by a possible ban on TikTok in the United States.
DUBAI — Abu Dhabi’s AI firm G42 recently bought a $100 million stake in TikTok owner ByteDance, which is valued at $220 billion, according to a Bloomberg report on Wednesday.
ByteDance’s value has been fluctuating and saw a major $80 billion drop recently, predominantly due to investor uncertainty caused by Washington’s consideration of banning TikTok in the United States, with US lawmakers citing national security concerns.
The Chinese company was valued last year at $300 billion, or $170 per share, in the private-equity secondary market, down from a height of $400 billion in 2021.
ByteDance, considered one of the world’s most valuable private tech companies, launched a number of incentive plans in 2022 including stock option-granting programs at a lower price during increasingly slowing revenue growth, which fell to 70% in 2021 from more than 100% the year before.
