ByteDance Ltd, the Chinese mother or father of TikTook, was valued at $220 billion in a private-market funding by an organization managed by United Arab Emirates spymaster Sheikh Tahnoon bin Zayed Al Nahyan.
What Happened: Sheikh Tahnoon acquired a stake, valued in extra of $100 million, from current traders in latest months, reported Bloomberg, citing folks acquainted with the matter.
The stake was reportedly bought by Sheikh Tahnoon-associated G42 at a reduction to the $300 billion that ByteDance set throughout its share buyback program.
Another fund bought a stake in ByteDance at a $225 billion valuation shortly after G42 picked up the stake, an individual acquainted with the matter advised Bloomberg.
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Why It Matters: ByteDance’s shifting valuation was attributed to the United States indicating a possible ban on TikTook, the favored short-form video software, famous Bloomberg.
Washington is frightened concerning the potential safety threats posed by TikTook and a few critical headway has been made on passing rules for such a ban to return into impact.
Sheikh Tahnoon’s agency is reportedly basing its funding on ByteDance’s long-term potential as China emerges from its COVID-era restrictions.
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