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China tech

US scrutiny of China's TikTok the latest headache for SoftBank

Sen Rubio requests investigation into social media app part-backed by Vision Fund

TikTok operator ByteDance, known as the world's most valuable startup, bought in 2017 for a reported $1 billion.   © Reuters

NEW YORK -- Calls by U.S. Senator Marco Rubio for a review of ByteDance's acquisition of the wildly popular social media app TikTok could also hit Japanese tech investor SoftBank.

SoftBank's Vision Fund, which is still reeling from the collapse in the value of its stake in shared office provider WeWork, is a major backer of the Chinese-owned ByteDance, one of the world's most valuable privately-held tech companies.

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