A London-based tech investor has quietly accumulated a ByteDance stake worth more than $500mn, betting that the Chinese social media and AI group is undervalued compared with its Silicon Valley rivals.
Fred Blackford, who heads up Future Positive Global, started buying stock in TikTok’s parent company on the secondary market last year, over which time its valuation has doubled from less than $300bn to close to $600bn today.
His investment came as ByteDance’s outlook was hit by a years-long geopolitical saga over the fate of TikTok in the US, as well as a Biden-era executive order that prevented US funds from investing in private Chinese companies in “sensitive technologies” such as AI.
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