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Abu Dhabi’s G42 buys stake in TikTok owner ByteDance

<strong>Abu Dhabi’s G42 </strong><strong>buys </strong><strong>stake in TikTok owner ByteDance</strong>

Abu Dhabi-based AI firm G42 bought a $100 million plus stake in Tiktok-parent ByteDance.

The deal has brought the total value of the ByteDance to $220 billion, Bloomberg reported.

The ByteDance is attracting advertisers who are keen on reaching more youth as it is used as a sales channel for many goods that is targeting niche markets.

G42, managed by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan, bought the $100 million-plus stake from existing investors in recent months through its 42XFund.

The Emirati firm may be betting on ByteDance’s longer-term potential amid a  rebounding Chinese economy after three years of harsh Covid consequences.

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