InstaForex

November 4, 2021

ByteDance Founder Officially Resigns!

 Zhang Yiming, founder of ByteDance, a technology company known for producing legitimate TikTok (or Douyin in China) apps has resigned.


This confirmed the announcement of his resignation as chief executive last May.


According to a report released by the China Late Post, Zhang, who has an estimated fortune of $ 44.5 billion as a result of efforts in an app company that was created nearly a decade ago, decided to step down because he found it difficult to achieve his goals in the areas of strategic opportunity and social responsibility.


According to an unnamed source, his position will be replaced by CEO Liang Rubo as one of the five board members of the company who is also represented by an investor from Susquehanna International Group and Sequoia Capital China. He added that the 38 -year -old billionaire will still be involved in long -term strategic planning for the Chinese technology company.


Representatives of ByteDance and other TikTok declined to comment on the matter.



The world’s most valuable startup is undergoing a massive transformation and is poised to make a major shift in software marketing after nearly a year of Beijing imposing crackdowns on internet users.


In a memo released by ByteDance on Tuesday, it was stated that Shouzi Chew also resigned as the company's chief financial officer in order to focus on their hit product TikTok as part of the company's restructuring.


According to a source from Bloomberg, ByteDance has started the initial steps by listing their domestic assets. As a result of regulatory changes by China, Zhang’s company needs to be more careful before Didi Global Inc.’s initial public offering (IPO). in New York which sparked a backlash over Beijing.


However, the company has repeatedly stated their unwillingness for an initial public offering.


Other technology founders in China are also seen resigning from their creation companies. Among them, Kuaishou Technology founder Su Hua handed over his position to co-founder Cheng Yixiao, while JD.com Inc named a new chairman after Richard Liu will lead the long-term strategic plan and Colin Huang did the same by relinquishing both positions as head executive officer and chairman of Pindoudou Inc.