Arab sheikh invested in ByteDance so the company could sell TikTok
Chinese company ByteDance raises $100 million in a new instalment
G42 investment company, owned by UAE Sheikh Tahnoun bin Zayed Al Nahyan, has invested $100 million in Chinese company ByteDance. As a result, the TikTok developer’s valuation now amounts to $220 billion.
The deal comes amid industry speculation that ByteDance is preparing to sell TikTok. It was assumed that, in this case, the social network would be able to cut ties with China and avoid a ban in the United States.
Previously, TikTok was banned for government employees in Canada and five US states for national security reasons. FCC Commissioner Brendan Carr even called for TikTok to be removed from the App Store and Google Play.
Carr maintains that TikTok is, in fact, a sophisticated surveillance tool that collects huge volumes of personal and sensitive data.
