TikTok’s Developer to Draw Up to US$5 Billion in Loans for International Expansion

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Tik Tok X
TikTok

TikTok’s developer, ByteDance, is looking into the possibility of taking out up to $5 billion in loans to invest in the application’s international expansion, The Information, a technology publication, reported, citing sources.

ByteDance plans to use half of the loan to pay off current debts in lieu of low interest rates while using the remaining budget for improvements in the company’s work in the United States, Europe, Latin America and other parts of the world, the sources were cited as saying.

The company is also discussing an amount between $4 billion and $5 billion with banks, however, the exact amount is yet to be finalized, according to the report.

ByteDance is a Chinese company which was founded in 2012. Over the years it has turned TikTok into one of the most popular social media platforms worldwide, with around 689 million monthly active users worldwide.

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