Abu Dhabi-based artificial intelligence group, G42, has acquired a stake in ByteDance, the parent company of popular short clip app Tik Tok, for over $100 million in a deal that values the company at $220 billion.
Existing investors sold the stake to G42 through the 42X fund in recent months.
Further, another fund also reportedly acquired a stake in ByteDance, valuing it at $225 billion.
The new valuation implies a significant discount from the share buyback program last year ($300 billion) and the secondary market valuations in 2021 ($300-400 billion).
ByteDance and 42X have not commented on the development.
Meanwhile, Bloomberg reported that TikTok is considering splitting from ByteDance to address the US’s national security concerns about user data being accessible to the Chinese government.
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