Update: ByteDance Reportedly Secures $29.6 Billion Loan for AI Financing

MT Newswires Live

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(Updates with JPMorgan declining to comment in the last paragraph)

ByteDance has received a $29.6 billion loan to build its artificial intelligence capabilities, with financing coordinated by JPMorgan Chase (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.

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

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