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ByteDance, the firm behind TikTok and CapCut is now reportedly planning to take out a loan from a bank, totaling $9.5 billion. This is expected to make it one of the largest loans in Asia so far.
This loan is said to be needed by ByteDance for their international business operations, outside of China. It is said that the e-commerce arena still does not lead to profit, and high expenses are still needed to form a strong ecosystem before it runs smoothly and brings returns.
Previously, it has been said that ByteDance plans to expand the TikTok Shop in several European countries, in addition to high investment also required for development involving artificial intelligence.
Several parties are involved in the loan this time, and among those said to be Citigroup, Goldman Sachs, and even JPMorgan. ByteDance has not issued any comments regarding this matter for the time being.