Skip to content Skip to Search
Skip navigation

Abu Dhabi’s AI firm buys stake in TikTok owner at $220bn valuation

By Pramod Kumar
REUTERS
Asia has been among the few bright spots in the global economy, though China's slowdown clouds the outlook

Abu Dhabi-based artificial intelligence firm G42 has acquired an over $100 million stake in ByteDance, valuing the Chinese owner of TikTok at $220 billion, Bloomberg News reported, citing informed sources.

G42, owned by Sheikh Tahnoon bin Zayed Al-Nahyan, who is the UAE’s national security adviser, bought the stake from existing investors in recent months through its 42XFund. Another fund also purchased into ByteDance at $225 billion shortly after, the sources added.

The current valuation is a substantial discount to the $300 billion that TikTok’s owner set during its recent share buyback program.

However, ByteDance’s valuation in the G42 transaction doesn’t yet reflect the potential after-effects of the Silicon Valley Bank collapse, the report said.

TikTok, short-form video app, is considering separating from its parent to help address US concerns about national security risks.

Latest articles

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day Video length: 03:08

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]