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Beijing/Shanghai:
TikTok-owner ByteDance is in early talks to lift a brand new spherical of financing that can worth it at $180 billion after the funding, in keeping with two individuals aware of the matter.
The firm is discussing the spherical with present traders together with Sequoia Capital and General Atlantic to lift round $2 billion for the corporate, the individuals stated, declining to be named because the talks weren’t public.
This is just not a pre-IPO spherical, one of many sources stated, as ByteDance has not but selected whether or not to acquire a standalone public itemizing for Douyin, the Chinese model of TikTok, or checklist a few of its Chinese operations together with Douyin and information aggregator Jinri Toutiao as a bundle in Hong Kong or Shanghai.
ByteDance has been exploring each situations, Reuters reported final month and in July.
General Atlantic declined to remark. ByteDance and Sequoia Capital didn’t instantly reply to requests for remark.
Washington has put heavy strain on the corporate to promote the U.S. operations of its extremely common TikTok brief video app. The White House contends that TikTok poses nationwide safety issues as private knowledge collected on 100 million Americans who use the app could possibly be obtained by China’s authorities.
Talks have been ongoing to finalise a preliminary deal for Walmart Inc and Oracle Corp to take stakes in a brand new firm to supervise TikTok’s U.S. operations.
ByteDance is at the moment settling particulars in areas like personnel, corresponding to which employees members will be part of the brand new TikTok entity, one of many sources stated.
The Chinese firm has seen its valuation greater than double previously two years. ByteDance’s final spherical of financing dates again to 2018, which valued the corporate at $78 billion after the funding. Earlier this yr, ByteDance was valued at as a lot as $140 billion within the secondary non-public fairness market.a
(Except for the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)
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