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.
