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.
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ByteDance is in discussions over a $2-billion financing round before listing some of its businesses in Hong Kong, people familiar with the matter said, as talks over a sale of TikTok to Oracle and Walmart stall.
The TikTok sale saga reached an apparent conclusion over the weekend when US President Donald Trump approved a deal. But the harmony was short-lived.
ByteDance has emphasised it will remain in control of a hived-off TikTok Global business, appearing to contradict US President Donald Trump’s statements about how the new entity will be directed by Americans.
ByteDance is increasingly likely to miss a Trump administration deadline for the sale of its TikTok US operations after new Chinese regulations complicated negotiations with bidders Microsoft and Oracle.
TikTok CEO Kevin Mayer has left the company, less than three months after he joined the hit short-video app, and US GM Vanessa Pappas will replace him on an interim basis.
A US investigation into ByteDance’s TikTok is really intended to smother a Chinese-owned app that’s become a sensation with Americans, founder Zhang Yiming told employees in China.
Zhang Yiming is the little-known Chinese entrepreneur who built TikTok into one of the most promising franchises on the Internet. Now the brainy, combative founder is under pressure to save the business.
TikTok parent company ByteDance generated more than $17-billion in revenue and more than $3-billion in net profit last year, making it a serious rival to Facebook and Google.
ByteDance just kicked off a wave of hiring it envisions hitting 40 000 new jobs in 2020, at a time technology corporations across the globe are furloughing or reducing staff.