Golden Finance reports that Bloomberg cited informed sources stating that a Chinese venture capital company has acquired a stake in ByteDance, valuing the company at 480 billion dollars.
According to reports, venture capital firm Today Capital has defeated several competing companies to acquire shares from ByteDance's early institutional investor, Bank of China. Initially, these shares were priced at around $200 million, corresponding to a valuation of ByteDance of about $360 billion. However, due to the participation of up to seven institutions in the bidding, the price quickly escalated, and finally, Today Capital, led by China’s venture capital queen Xu Xin, purchased the shares for nearly $300 million, at a company valuation close to $500 billion.
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