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China’s ByteDance sets US$60 bil asking price for TikTok

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Oracle and Walmart are set to take a 12.5% and 7.5% stake in the short-video app’s business respectively. FMTNews China ByteDance

BEIJING: China’s ByteDance Ltd is seeking a valuation of US$60 billion for TikTok as Oracle Corp and Walmart Inc take stakes in the short-video app’s business to address US security concerns, Bloomberg News reported on Sunday, citing an unnamed person familiar with the matter.

The two companies would pay a combined US$12 billion for their stakes if they agree to a US$60 billion asking price, Bloomberg reported. The final valuation had not been set as the companies worked out the equity structure and measures for data security, the Bloomberg report added.

 

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