ByteDance seeks US$20 billion in its largest-ever offshore loan, Bloomberg News reports

Chinese technology company ByteDance, the developer of TikTok, is in preliminary talks with banks for its largest offshore loan of about US$20 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The company has approached banks for a loan that may carry a three-year tenor, with an option to extend it to as long as five years, the report said.

ByteDance did not immediately respond to a Reuters request for comment.

The company is emerging as a major spender on AI infrastructure, ramping up spending and partnerships to secure chips and chip design services.

Reuters

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