According to a Bloomberg story, Sheikh Tahnoon bin Zayed Al Nahyan, the royal spy chief of the United Arab Emirates, has invested more than $100 million in ByteDance Ltd., the parent firm of the well-known video platform TikTok.
The UAE royal-controlled technology company G42, an AI company with offices in Abu Dhabi, recently purchased the $100 million or more stake from current investors through its 42XFund.
ByteDance was valued at about $220 billion by G42 at the most recent private-market investment.
This estimate for the G42 transaction, according to Bloomberg, ‘doesn’t yet include potential after-effects of the Silicon Valley Bank meltdown, which rocked entrepreneurs from the US to China and has sparked concerns about broader systemic risks.’
The investment is reportedly ‘well off a peak’ of the $460 billion valuation at which Tiger Global Management purchased shares in 2021.
Another fund also bought into the company at $225 billion shortly after, reports Bloomberg quoting anonymous sources.
The recent spate of uncertainty around the app in Washington and elsewhere could be behind the Chinese firm’s turbulent price tag. Recently, in the US, lawmakers accused the app of being a national threat.
Post Your Comments