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.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.