ByteDance is reportedly discussions a $2 billion financing round. Bloomberg reports that the round, if held, would boost the company’s valuation to $180 billion. The talks are holding as the proposed deal for the sale of TikTok’s US operations to Oracle and Walmart has stalled.
Bloomberg reports that ByteDance is talking to a group of investors including Sequoia, quoting anonymous sources. This means that the company could be readying assets like Douyin and news aggregation service, Toutiao for an IPO in Hong Kong.
Also read:
– Why Did Regulators In China Block Jack Ma’s Ant Group IPO?
– ByteDance Reportedly In Talks To List Douyin On the Stock Exchange
– WhatsApp Introduces Disappearing Messages, Here Is All You Need To Know
ByteDance is at the center of a US-China trade war and is fighting a ban on its US TikTok operations. The Trump administration has labeled the short video service a national security threat. The US allegation is that the company is committing espionage on behalf of the Chinese government, a claim ByteDance repeatedly denies.
The company is also trying to sell its TikTok US operations but is facing bureaucratic bottlenecks that are stalling the deal. It is now seeking US Chinese government approvals for a potential deal with Oracle and Walmart. The deal has President Donald Trump’s blessings, however, those have stalled as the US elections have now taken the center stage.
The deal also has a condition that TikTok does an IPO on a US stock market within 12 months. The company sought a valuation of $60 billion for the app in September 2020, as reported by Bloomberg. A financing round would make ByteDance improve on its status as the world’s most valuable startup.
For your daily dose of tech, lifestyle, and trending content, make sure to follow Plat4om on Twitter @Plat4omLive, on Instagram @Plat4om, on LinkedIn at Plat4om, and on Facebook at Plat4om. You can also email us at info@techtalkwithtdafrica.com and join our channel on Telegram at Plat4om. Finally, don’t forget to subscribe to our YouTube channel HERE.