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Tag: tiktok (page 1 of 9)

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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Biden withdraws Trump-era orders to ban WeChat, TikTok

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.

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.

New draft law makes it must for foreign IT firms to open offices in Russia

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.

Desi apps capture 97% of TikTok user levels, time spent by 55 %

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 starts hiring for semiconductors, server chips role

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.

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TikTok settle privacy lawsuit by paying $92M

TikTok has decided to settle a lawsuit with several law firms in the US by agreeing to pay $92 mn. The lawsuit claimed that the app captures biometric and private user data and passes it on to third parties. The settlement. which needs to be approved by a court, also requires TikTok to initiate a new privacy compliance training program. Tiktok denied the allegations and said that they rather focus on building a safe community than going through lengthy litigation.

Twitter had talked to acquire ShareChat, Moj

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.

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