![]() ![]() Zhang, who turned ByteDance into a social media force, said he was not in fact a social person. In April, they handed e-commerce giant Alibaba Group Holding Ltd (9988.HK) with a $2.8 billion fine for anti-competitive practices, and last year suspended fintech affiliate Ant Group's initial public offering (IPO).Īnti-trust regulators have also told Tencent Holdings Ltd (0700.HK) they are preparing to fine the gaming giant as much as $1.55 billion, Reuters reported that last month. The management shake-up - ByteDance's biggest since its launch in 2012 - comes as Chinese regulators are increasing scrutiny of the country's biggest technology firms. ![]() ![]() The 38-year-old will be succeeded by Liang, a long-time colleague and the current head of human resources at ByteDance, one of the world's biggest private tech companies with an estimated value of about $300 billion in recent trades. He will move to a "key strategy" position at the end of the year, ByteDance said. In a surprise announcement to employees on Thursday, first reported by Reuters and later disclosed by the company, Zhang said the change would enable him "to have greater impact on longer-term initiatives". The company has also struck deals with major celebrities like Katy Perry and Ed Sheeran to promote the app on their social media channels.Īll of these factors have contributed to TikTok’s incredible growth and popularity.May 20 (Reuters) - Zhang Yiming announced he will step down as CEO of TikTok-owner ByteDance, saying he lacked the social skills to be an ideal manager and naming his college roommate Liang Rubo as his successor to navigate a rising tide of Big Tech regulations. In 2019, TikTok was the most downloaded app in the world.īyteDance has invested heavily in marketing and content creation on TikTok. TikTok has been downloaded over 2 billion times and is particularly popular with young people. ByteDance rebranded the app as TikTok and quickly began investing in its growth. In 2018, Musical.ly was acquired by Chinese company ByteDance for a reported $1 billion. The app was a huge success, with millions of users creating and sharing short videos of themselves lip-syncing to popular songs. When TikTok first launched in 2016, it was known as Musical.ly. ![]() In addition to being a social platform, TikTok is also a powerful marketing tool for brands and businesses. In fact, TikTok has been credited with helping Gen Zers connect with each other and learn about new trends and ideas. While the app is available to anyone over the age of 13, the vast majority of its users are Gen Zers (those born between 19). As of October 2019, TikTok had been downloaded over 1.5 billion times globally. The app was launched in September 2016 by Chinese company ByteDance, and has since grown to be one of the most popular social media platforms in the world. TikTok is a short-form, video-sharing app that allows users to create and share 15-second videos, on any topic. There is no clear evidence that any one person or group owns a controlling stake in TikTok, but the company is certainly valuable and has attracted a lot of attention from major tech firms and investors. The majority of TikTok’s users are located in China, but the app is available worldwide and continues to grow in popularity. TikTok is owned by a Chinese company called ByteDance, but there are various other investors involved in the business. There is no one definitive answer to this question. ![]()
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