TikTok owner ByteDance considers $100bn float

Telegraph 31 Jul 2020 10:40

The parent company of viral video app TikTok is considering floating with a valuation as high as $100bn (£76bn), according to a new report.

ByteDance is looking to list  its Chinese business in Hong Kong or Shanghai, with Hong Kong as the frontrunner, Reuters claims. 

Plans to float ByteDance’s domestic business, which includes viral video app Douyin as well as news aggregation service Toutiao, come as TikTok faces growing political scrutiny in the US amid fears that user data will be used by Beijing for surveillance – allegations that TikTok has denied.

Donald Trump confirmed this week that TikTok is being investigated by the Committee on Foreign Investment in the United States (CFIUS) for possible national security concerns. 

“We are looking at TikTok,” Donald Trump said on Wednesday. “We are thinking about making a decision.”

His comments follow an earlier suggestion by US Secretary of State Mike Pompeo that the US could ban TikTok entirely.

ByteDance has reportedly held talks with existing investors such as US funds Sequoia and General Atlantic to explore the possibility of spinning off TikTok as a separate company which would be majority-owned by American investors, while ByteDance retains a minority stake in the new business.

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TikTokByteDanceTikTokToutiaoDonald Trump
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