UAE becomes Tiktok partner
According to Bloomberg news, citing sources with knowledge of the matter, Abu Dhabi-based artificial intelligence firm G42 has bought a $100 million stake in Chinese internet firm ByteDance, worth $220 billion. .
The G42 is controlled by Sheikh Tahnoon bin Zayed Al Nahyan, the son of the UAE’s founding leader, Sheikh Zayed bin Sultan Al Nahyan. Tahnoon has recently invested in many technology products, from cloud systems to vaccines and self-driving cars, through the G42.
HAS A UAE SHEIKH
ByteDance’s value has fluctuated significantly recently due to claims that TikTok could be banned in the US on national security grounds. However, ByteDance’s popularity among advertisers has translated into company revenue of $12 billion in 2022.
ByteDance’s flagship service, TikTok, sells products to millions of social media users via live streams around the world while attracting advertisers eager to reach a younger demographic.