ByteDance, the parent company of TikTok, has successfully secured an unsecured loan totaling $29.6 billion from nearly 30 banks. Initially, the firm aimed to raise $20 billion, but increased the amount due to strong demand from lenders, according to Reuters.
The three-year loan is officially earmarked for general corporate purposes. However, reporters noted that a significant portion of the funds will be allocated to international AI initiatives, including data centers in Southeast Asia. More than 60% of the total amount was provided by Chinese banks.