Tiger Global builds up stake in Chinese Tiktok owner Bytedance
TIGER Global Management is said to have built up a stake in Tiktok owner Bytedance as it looks to cash in on the growing popularity of the shortform video platform.
The New York-based investment firm revealed the stake in a letter to investors this week.
Tiger Global said it had "purchased shares over the past 21 months at a low multiple of future free cash flow", the Financial Times reported, though the value of the stake was not disclosed. Bytedance has secured a valuation of $75bn...