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Tag: bytedance (page 1 of 5)

TikTok parent ByteDance buys VR-maker Pico

ByteDance is said to be in the process of acquiring Beijing-based Pico, reported VR news site Vrtuoluo. The deal will be signed for $770M (5B yuan). As one of the world’s largest VR-makers, Pico will enable ByteDance to enter the VR market fast. While current VR headsets are relatively expensive, due to high processor costs, it remains to be seen how ByteDance leverages its creative and technical talent to get the best out of Pico.

Source: The Verge

Chinese govt acquires stake in Bytedance

The Chinese govt acquired a 1% stake in Bytedance, the parent firm of TikTok. Reports said the govt had been contemplating the move since 2017. While it is unclear how much control a 1% stake grants, investors are still fearful over the increased government control. While TikTok has already been accused of handing over user data to Beijing, the newly acquired stake will only make it harder for TikTok to deny the accusations.

Source: Techcrunch

ByteDance postpones IPO indefinitely

TikTok’s Chinese owner, ByteDance, has put its initial public offering (IPO) preparations on hold indefinitely. Before listing abroad, China’s regulators cautioned the firm about data security threats. More Chinese companies, according to observers, planning to list in the United States are reconsidering their plans due to the country’s increasing data security. ByteDance is among the 13 Chinese internet firms asked by the govt to adhere to data regulation and lending practices.

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6 mn videos removed from TikTok Pakistan

TikTok, in the last three months, has removed 6,495,992 videos in Pakistan. The short-video app has already been shut down twice before in the country over ‘indecent’ content allegations. To evade the complete ban, TikTok is willing to remove and block content in Pakistan. The Pakistan govt has also banned dating apps and asked YouTube to remove all content they considered “objectionable”. Small anti-TikTok rallies also took place earlier this month.

ByteDance delighted by new Indian IT rules, Biden’s move

After India has introduced new IT rules and US president Joe Biden decided to do away with his predecessor Donald Trump’s attempt at banning TikTok, ByteDance sees “hope and confidence” for the Indian market. ByteDance wrote to the MeitY saying they have been compliant with the new IT rules despite being non-operational. The company still has 1,000 employees working for other markets. They are hoping to hear from the ministry soon.

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ByteDance founder informs staff about shifting away from CEO responsibilities

ByteDance’s founder Zhang Yiming told his staff that he is already moving away from the duties of CEO and his work pace has reduced. In May this year, he stepped down as CEO and decided to move to a key strategic position. He is analyzing the other companies’ organizational structures and managing styles while also researching the education industry. He is still the chairman and has absolute voting power at the company.

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Zhang Yiming to step down as CEO of ByteDance

ByteDance CEO Zhang Yiming wrote in a memo to his colleagues that he will step down as a CEO. He named HR Chief Liang Rubo as his successor, while Yiming moves to a “key strategy” position by the end of 2021. Yiming, in the memo, said he was more interested in analyzing organizational and marketing principles to use them to cut management stress than managing real people. ByteDance employs over 100,000 people globally and recognized as a global social media force.

China regulators held talks with Alibaba, Tencent, 9 others on ‘deepfake’ tech

Chinese authorities summoned Alibaba, Tencent, ByteDance and eight other local tech firms over concerns of ‘deepfake’ tech on their content platforms. The country’s cyberspace administrator, in a statement, said that the officials of the public security ministry had a meeting with the tech firms to discuss “security assessments” and potential problems with deepfakes and audio social apps. Deepfakes use AI to create hyper-realistic but fake videos or audios.

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