Abu Dhabi is rapidly emerging as a global hub for artificial intelligence, thanks to substantial investments by the government, a culture of knowledge sharing, and a robust network of collaborations.
Recently, Abu Dhabi-based AI firm G42 acquired a stake in ByteDance, the Chinese parent company of TikTok, for almost $100 million, which values ByteDance at $220 billion, reported Bloomberg News.
According to the report, G42, led by Prince Tahnoon bin Zayed al-Nahyan, the national security adviser for the UAE, acquired the stock from existing investors through its 42XFund. The report also noted that another company acquired ByteDance immediately at $225 billion.
ByteDance’s current market value represents a significant drop from its $300 billion valuation during a share repurchase program last year and the $300-$400 billion estimates it received on the secondary market in 2021.
At the same time, TikTok has faced increased scrutiny over concerns that user data could fall into the hands of the Chinese government, undermining Western security interests. TikTok is reportedly considering separating from its parent company to address these concerns.