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ByteDance will disband its group-level strategic investment team and move employees to the six business units, including TikTok and its Chinese version Douyin, that it created in October in a major organisational reshuffle.
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BEIJING (Reuters) -TikTok owner ByteDance is shrinking its investment team and dissolving a sub-group focused on financial returns in response to regulatory crackdowns in China, three sources familiar with the matter said on Wednesday. ByteDance had divided its external investment arm into financial and strategic wings, with the latter aimed at funding businesses that could find synergies with its own. Employees on the financial investments team have been told by ByteDance executives that the team will be disbanded and they have been encouraged to look for opportunities elsewhere, internally...
BEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with "low synergies".
ByteDance said in a statement that it was disbanding its group-level strategic investment team and moving employees to various business units, after a review earlier this month highlighted investments with "low synergies".