ByteDance, the Chinese technology company that created TikTok, is in early-stage talks with banks about securing an offshore loan of roughly $20 billion — the largest such borrowing in the company’s history, according to a Bloomberg News report published Wednesday citing sources with knowledge of the discussions.
According to the report, ByteDance has reached out to banks about a loan that could have a three-year term, with the possibility of extending it to as long as five years.
ByteDance had not responded to a request for comment at the time of the report.
The company has been positioning itself as a significant investor in artificial intelligence infrastructure, increasing its spending and forming partnerships to acquire chips and chip design services.
