Home finance TikTok owner ByteDance in fundraising talks that will value it at $180 billion – sources

TikTok owner ByteDance in fundraising talks that will value it at $180 billion – sources

0
TikTok owner ByteDance in fundraising talks that will value it at $180 billion – sources


2/2

© Reuters. People walk past a logo of Bytedance, which owns short video app TikTok, at its office in Beijing

2/2

By Yingzhi Yang and Brenda Goh

BEIJING/SHANGHAI (Reuters) – TikTok-owner ByteDance is in early talks to raise a new round of financing that will value it at $180 billion (138.14 billion pounds) after the investment, according to two people familiar with the matter.

The company is discussing the round with existing investors including Sequoia Capital and General Atlantic to raise around $2 billion for the company, the people said, declining to be named as the talks were not public.

This is not a pre-IPO round, one of the sources said, as ByteDance has not yet decided on whether to obtain a standalone public listing for Douyin, the Chinese version of TikTok, or list some of its Chinese operations including Douyin and news aggregator Jinri Toutiao as a package in Hong Kong or Shanghai.

ByteDance has been exploring both scenarios, Reuters reported last month and in July.

General Atlantic declined to comment. ByteDance and Sequoia Capital did not immediately respond to requests for comment.

Washington has put heavy pressure on the company to sell the U.S. operations of its highly popular TikTok short video app. The White House contends that TikTok poses national security concerns as personal data collected on 100 million Americans who use the app could be obtained by China’s government.

Talks have been ongoing to finalise a preliminary deal for Walmart (NYSE:) Inc and Oracle Corp (NYSE:) to take stakes in a new company to oversee TikTok’s U.S. operations.

READ  Jailed French executive who felt force of US bribery law

ByteDance is currently settling details in areas like personnel, such as which staff members will join the new TikTok entity, one of the sources said.

The Chinese company has seen its valuation more than double in the past two years. ByteDance’s last round of financing dates back to 2018, which valued the company at $78 billion after the investment. Earlier this year, ByteDance was valued at as much as $140 billion in the secondary private equity market.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here