The Supreme Court’s ban of TikTok on Jan. 17 brings into sharp focus institutional investors that put money into the social media platform’s parent company ByteDance.
The high court justices ruled that free-speech rights must yield to concerns that Chinese control of the app creates a national security risk.
Congress’ “well-supported” concerns about Chinese data collection justified a law that singled out TikTok, the court said. The measure requires ByteDance to sell the American version of the video-sharing app by Jan. 19 or face a ban.
Among the investors since ByteDance’s initial funding in 2012 include venture funds such as Sequoia Capital, Tiger Global Management, SoftBank, TCV, General Atlantic, Sky9 Capital, Hillhouse and Susquehanna Asia Investments.
Pension funds that over the years have invested in these ByteDance holders include the $519.6 billion California Public Employees Retirement System, Sacramento, (in Base10 Partners venture fund); $74 billion Illinois Teachers Retirement System, Springfield, (in Sky9 Capital venture capital fund); $49.7 billion Texas County District & District Retirement System, Austin; and the University of Michigan, Ann Arbor, (in a TCV venture capital fund);
