ByteDance, the company behind TikTok, has successfully raised $29.6 billion through an unsecured loan from nearly 30 financial institutions. The initial target was set at $20 billion, but due to overwhelming interest from lenders, the company opted to increase the amount, as reported by Reuters.
This three-year loan is primarily intended for general corporate purposes, but a substantial portion will be directed towards international AI projects, including the establishment of data centers in Southeast Asia. Notably, more than 60% of the funds came from Chinese banks.
