Beijing / Shanghai:
TikTok owner ByteDance is in early talks to open a new round of funding which, according to two people familiar with the matter, will be valued at $ 180 billion after the investment.
The company is discussing the round with existing investors such as Sequoia Capital and General Atlantic to raise approximately $ 2 billion for the company. Respondents declined to be named as the interviews were not public.
This is not a pre-IPO round, one of the sources said as ByteDance has not yet decided whether to conduct a standalone public listing for Douyin, the Chinese version of TikTok, or some of its Chinese activities including Douyin and news aggregator Jinri Toutiao as a package in Hong Kong or Shanghai.
ByteDance has examined 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 US operations of its hugely popular TikTok short video app. The White House claims that TikTok raises national security concerns as the Chinese government could obtain personal information from 100 million Americans who use the app.
Talks have been held to finalize a preliminary agreement for Walmart Inc and Oracle Corp to invest in a new company to oversee TikTok’s US operations.
ByteDance is currently regulating details in areas such as personnel, e.g. B. which employees will join the new TikTok unit, announced one of the sources.
The Chinese company has more than doubled its rating in the past two years. ByteDance’s last round of funding dates back to 2018, when the company was valued at $ 78 billion after the investment. ByteDance was valued at up to $ 140 billion in the secondary private equity market earlier this year
(Except for the headline, this story was not edited by GossipMantri staff and published from a syndicated feed.)