Firm backed by UAE spymaster buys ByteDance stake at $220bn valuation – Bloomberg

By Scott Kanowsky 

Investing.com — TikTok owner ByteDance was given a valuation of around $220 billion in a recent private investment from Abu Dhabi AI firm G42, Bloomberg reported on Wednesday, citing people familiar with the matter.

The value set out by G42, which is controlled by United Arab Emirates royal and national security advisor Sheikh Tahnoun bin Zayed Al Nahyan, would mark a sharp drop from the $300B put forward by ByteDance during a recent share buyback plan.

People with knowledge of the deal told Bloomberg that G42 snapped up a stake worth over $100 million from existing investors through its 42XFund. One of these people also said that a separate fund purchased a stake in ByteDance at a $225B valuation.

A representative for 42XFund declined to comment, Bloomberg said, while a spokesperson at ByteDance did not immediately respond to Bloomberg’s request for comment.