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.
President Joe Biden withdrew Trump-era orders that sought to ban WeChat and TikTok. Biden ordered a Commerce Department review of security concerns posed by those apps. He has asked for recommendations within 120 days to protect US citizen data acquired by foreign companies. Biden has asked intelligence and Homeland security to give threat assessments on data gathered by foreign companies to the Commerce Department as it conducts its review.
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.
Big tech companies, under the draft legislation, will be forced to open offices in Russia or face consequences such as advertising bans. Russia aims to control big tech firms like Apple, TikTok, Facebook, and Google who are allegedly abusing their positions and distributing content banned in Russia. The draft will make it mandatory for firms having a daily audience of over 500,000 to open offices in the country.
Redseer, in a report, said that desi short-video apps — MX Takatak, Moj, Roposo, Josh — have captured 97% of TikTok’s user count of June 2020, when the app was banned in India. Indian short-form apps, as per the management firm, have retained 65-70% of TikTok subscribers, and added another 30-35% of new users, largely from Tier II-III cities in the past year. However, on an average users spent 30 min on short-form video, which is just 55% of June 2020 levels.
ByteDance has told a Mumbai court that freeze on its bank accounts by authorities in a probe of alleged tax evasion is harassment of the internet company and was done illegally, reported news agency Reuters. The Income Tax department in March ordered HSBC and Citibank to freeze bank accounts of ByteDance India as they are probing a few of the financial dealings. Chinese internet firm has challenged the freeze on bank accounts in a local court.
ByteDance, famous for its short video app TikTok, has begun hiring for a dozen roles related to semiconductors engineers, both hardware and software. The Bejing-based firm, valued at $ 180 bn, explores initiatives in the field which includes building server chips based on Arm designs. ByteDance’s new business is aligned with the top priority for China’s Communist Party which rules the nation with an iron fist. It is also exploring an IPO for some of its businesses.
Twitter had talked to acquire ShareChat in order to expand India presence. The American firm is an investor in ShareChat, and offered $1.1 bn in and an additional investment of $900mn for the buyout. Twitter had deliberated to take Moj, a short-form video app with 80mn users, owned by ShareChat, to present it as a global rival to TikTok. ShareChat has raised $260 mn from Lightspeed Partners India, Elevation Capital, India Quotient etc.