ByteDance Founder Exits from Daily Operation Management after Quitting as CEO

successor and the new board chairman, started his major overhaul and divided businesses into six units, one of which consists of TikTok’s Chinese sister Douyin, Toutiao, the most popular news app in China, Xigua, a video-streaming app, the online encyclopedia arm Baike, the search engine Search and vertical service businesses in domestic market.

Earlier this month, ByteDance was reported to dissolve its strategic investment team and reassign about a hundred employees to other positions. The decision was made to reduce investment in areas that have low compatibility to its businesses, and members of the strategic investment team will be reallocated to different business lines to enhance the strategy unit’s coordination with other business units, an insider told TMTPost.

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