ByteDance secures $29.6bn loan after strong demand from banks, report says
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- ByteDance has secured a reported $29.6 billion loan after strong demand from banks, according to Bloomberg News in a report cited by Reuters.
- The TikTok owner initially sought $20 billion but expanded the facility after receiving substantial commitments from lenders.
- The report did not identify the banks or explain how ByteDance plans to use the proceeds, and Reuters said it could not immediately verify the information independently.
ByteDance has secured a reported $29.6 billion loan after strong demand from lenders led the Chinese technology group to expand the financing, Bloomberg News reported, citing people familiar with the matter.
The TikTok parent initially sought a $20 billion facility. It increased the package after receiving substantial commitments from banks, bringing the final borrowing plan to nearly $30 billion.
The financing would give ByteDance access to a large pool of capital as it continues operating across social media, digital content and technology markets through TikTok and its Chinese counterpart, Douyin. The report did not say how the company planned to use the proceeds or identify the participating banks. Reuters said it could not immediately independently verify Bloomberg’s report.
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Originally published by Daily Star. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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