TikTok owner ByteDance said to secure $29.6bn loan for AI push

ByteDance, the owner of TikTok and Douyin, has reportedly secured a $29.6 billion loan from nearly 30 banks, according to Reuters. The Chinese social media company's focus on artificial intelligence development has attracted strong interest from lenders, leading to the loan ranking as the second-largest made in Asia this year. The facility, which is unsecured and will be used for AI-related projects outside China, is set to be signed shortly by ByteDance with Citigroup and JPMorgan coordinating the three-year loan.

Over 60% of the total amount has been subscribed by Chinese banks, and the funds will mainly support ByteDance's AI-related plans.

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