Abu Dhabi’s G42 takes stake in ByteDance at $220 billion valuation, report says

The ByteDance logo displayed on a mobile phone.

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Abu Dhabi-based artificial intelligence firm G42 bought a stake in ByteDance for more than $100 million, valuing the unlisted Chinese owner of TikTok at $220 billion, Bloomberg News Report late Tuesday, citing people familiar with the matter.

The G42, which is controlled by UAE national security adviser Sheikh Tahnoon bin Zayed al-Nahyan, has acquired stakes from existing investors in recent months through its 42XFund, the report said, adding that another fund had also bought for $225 billion Shortly after ByteDance.

The company’s $220 billion valuation is at a steep discount to its $300 billion valuation stock repurchase program Last year, down from the $300 billion to $400 billion it was valued on the secondary market in 2021.

Neither 42XFund nor ByteDance immediately responded to Reuters’ requests for comment.

Bloomberg reported earlier in the day that ByteDance’s short-video app TikTok is considering separating from its parent company to help address U.S. concerns about national security risks as it comes under increasing scrutiny over concerns that user data could end up being leaked. More bashing. In the hands of the Chinese government, it harms the security interests of the West.

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