Tycoon Boss Of TikTok Parent To Leave Post To 'Read And Daydream' 05/20/21 AT 3:16 AM The boss of the Chinese company behind viral video platform TikTok said Thursday he will leave the role because he lacks managerial skills and preferred "reading and daydreaming" to running the tech giant. Beijing has tightened the screws on China's booming tech sector, levying fines -- including on Bytedance last month -- for allegedly flouting monopoly rules, and issuing stark warnings to the coterie of billionaire digital bosses about their responsibilities to society. Zhang Yiming, the billionaire co-founder of Bytedance -- which created the popular short video TikTok app -- said he will step down as CEO and transition to a new role by the end of the year focusing on "long-term strategy".