ByteDance Reportedly Secures $29.6 Billion Loan for AI Financing

MT Newswires Live

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ByteDance has received a $29.6 billion loan to build its artificial intelligence capabilities, with financing coordinated by JPMorgan (JPM) and Citigroup (C), media outlets recently reported, citing people familiar with the matter.

The company was initially seeking a $20 billion facility, but raised the amount after receiving strong commitments from banks, Bloomberg reported Wednesday evening.

The loan is Asia's second largest borrowing this year, the reports added.

ByteDance, JPMorgan and Citigroup did not immediately respond to requests for comment from MT Newswires on Friday.

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