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

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(Updates with Citigroup 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 and Citigroup declined to comment, while ByteDance did not immediately respond to' request for comment on Friday.

Price: $136.96, Change: $-1.20, Percent Change: -0.87%

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