Skip to content
TikTok owner ByteDance dissolves its investment arm

 | News Today

TikTok owner ByteDance dissolves its investment arm

| Business News Today | News Today


TikTok logos are seen on smartphones in front of a ByteDance logo displayed in this illustration taken November 27, 2019.

Dado Ruvic | Reuters

BEIJING — TikTok owner ByteDance has dissolved its investment department, a company spokesperson told CNBC on Wednesday.

Following an assessment earlier this year, ByteDance decided to “strengthen corporate focus, reduce low-connected investments (to the core business), and disperse employees from the strategic investment department to different lines of business,” the spokesperson said. in a statement in Chinese translated by CNBC.

The move “strengthens coordination between strategic research and the business,” the company said.

The news comes as ByteDance has been undergoing restructuring since its founder Zhang Yiming stepped down as chairman in the fall.

ByteDance is the world’s largest startup valued at $140 billion, according to CB Insights.

TikTok owner ByteDance dissolves its investment arm

| Business News Today Yahoo news
cnbc

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.