9/20, 10:21 AM (Source: TeleTrader)
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ByteDance wants TikTok to be valuated at $60B - report

Chinese ByteDance Ltd. wants its video-sharing app TikTok to be valuated at $60 billion, Bloomberg reported on Sunday, shortly after Oracle Corp. confirmed it had reached a deal to become a minority investor together with Walmart Inc. in new company TikTok Global.

United States President Donald Trump also supported the agreement by saying it "has his blessing." However, the final approval is yet to be given by the Chinese government.

According to media reports, TikTok Global is planning to go public by the fall of the next year.

Breaking the News / ND