TikTok in $1.5bn investment with Indonesia tech giant GoTo

TikTok owner ByteDance is set to resume business in Indonesia by taking a majority 75.01% stake in Tokopedia with a promised $1.5bn investment.

Indonesian tech company GoTo will maintain a 24.99% minority stake in Tokopedia, reports Reuters. This comes after the social media giant was banned from operating its e-commerce platform in Indonesia in October due to new regulations.

TikTok will initially pay out $840 million to acquire its stake and has promised further investment in Tokopedia ...