President Xi Jinping’s government is reining in the country’s most powerful corporations and their billionaire founders, including Alibaba Group, Tencent Holdings and Didi Global. But why?
Zhang Yiming, founder of TikTok owner ByteDance, told employees he will step down as CEO and be succeeded by human resources chief Liang Rubo, the company disclosed on Thursday.
Just last year, the world’s most valuable start-up, ByteDance, was being squeezed from all sides. For all the obstacles, the company kept growing. Now its founder, 38-year-old Zhang Yiming, is among the world’s richest people.
Shares of ByteDance, the Chinese parent of hit video app TikTok, are trading at a valuation of more than $250-billion in the secondary market, according to people familiar with the matter.
Apple has said it will apply App Store rules to all apps globally after reports that Chinese app developers are preparing workarounds for the company’s upcoming limits on ad tracking.
Social network firm Reddit said on Sunday ithat t would buy short-video platform Dubsmash, becoming the latest company to expand in a space dominated by Chinese-owned TikTok.
A deadline set by the Trump administration for the forced sale of TikTok’s US assets is expected to come and go on Friday night without a final deal, according to people familiar with the discussions.
TikTok-owner ByteDance is on track to generate at least $27.2-billion in advertising revenue in China alone this year, which will cement its number two spot in China’s digital ad market, sources said.
ByteDance, the Chinese parent company of TikTok, has filed a petition with a US appeals court challenging a Trump administration order set to take effect on Thursday requiring it to divest TikTok.
China’s technology industry, one of Donald Trump’s main targets in Washington’s tussles with Beijing, hopes Joe Biden can create a more constructive relationship – but few think the rivalry will de-escalate.