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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. 
People walk past the headquarters of ByteDance, the parent company of video sharing app TikTok, in Beijing on September 16, 2020. - Silicon Valley tech giant Oracle is "very close" to sealing a deal to become the US partner to Chinese-owned video app TikTok to avert a ban in the United States, President Donald Trump said on September 15.  (Photo by GREG BAKER/AFP via Getty Images)

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. 

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