ByteDance Lands $29.6 Billion Loan to Fuel AI Advances
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4 Articles
ByteDance Secures $29.6bn Bank Loan To Accelerate AI Expansion
ByteDance has secured a $29.6 billion loan from nearly 30 global banks as the TikTok owner accelerates investment in artificial intelligence, data centres and computing infrastructure outside China. The financing, initially targeted at $20 billion, was increased by almost $10 billion following strong demand from lenders. The three-year facility is being coordinated by Citigroup and […]
ByteDance Lands $29.6 Billion Loan to Fuel AI Advances
China’s ByteDance has reportedly secured a $29.6 billion loan from nearly 30 banks. That’s according to a report Friday (Sept. 4) from Reuters, which says the TikTok owner’s plans for artificial intelligence have attracted strong interest from lenders. The loan is the second-biggest in Asia this…
TikTok owner ByteDance has secured a $29.6 billion unsecured loan from nearly 30 banks. The company initially expected to raise $20 billion but increased the amount due to strong demand from lenders, Reuters reports. The three-year loan is technically intended for general corporate purposes.
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