Sun, May 28, 2023

ByteDance and its Plans Regarding TikTok

Tik Tok application icon on smartphone

TikTok is one of the most popular short video apps in the world. Shou Zi Chew who serves as the CEO of TikTok made an interesting decision. He also serves as the CFO of ByteDance, but he plans to focus on a short video app. So, he decided to leave ByteDance.

Liang Rubo who is a co-founder of ByteDance sent an internal memo to staff on Tuesday. This memo is quite interesting. It outlined a major reshuffle at ByteDance to create six business units (BUs).

Undoubtedly, this is the biggest organizational change since ByteDance’s co-founder’s decision. In May, Zhang Yiming said he would step down as CEO. Zhang Yiming remains a very important person in the Beijing-based company. For instance, he remains chairman and has more than 50% of the voting rights. In December, Liang Rubo will replace Zhang Yiming. Liang Rubo will become the company’s next CEO.

ByteDance and interesting details

Shou Zi Chew’s shift comes after the company said in April that it did not have any imminent plans for the IPO. He joined the company in March and served as CFO. Shou Zi Chew became TikTok’s CEO in May. ByteDance’s next CEO Liang Rubo did not elaborate on replacement plans for the CFO rule. Still, a person familiar with the matter said the company was not rushing to seek candidates to fill the position.

ByteDance is a very successful company. It had a valuation of about $300 billion in recent trades. Last year, the Beijing-based company generated the biggest part of its revenue in China.

The Beijing-based company will be reorganized into six units. TikTok as well as its Chinese version called Douyin, work with collaboration unit Lark. Business services unit BytePlus, gaming unite Nuverse. The company’s other business unit will be the education tech unit Dali Foundation. This unit will provide services for education stakeholders such as artificial intelligence learning, education for adults, and smart hardware.

Thanks to reorganization, the company will be able to reach great results.

The company’s TikTok unit will be in charge of the short video app and its expansion into areas such as global e-commerce.

Douyin unit will include the company’s Chinese products, news aggregator Toutiao, a video-streaming platform Xigua and Douyin. This unit will take overall “information and service” operations in the Chinese market.

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