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TikTok owner ByteDance reorganises strategic investment team -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This Nov. 27th illustration shows the ByteDance Logo. REUTERS/Dado Ruvic/Illustration

BEIJING (Reuters), -ByteDance, owner of the short video app TikTok announced that it is reorganizing its investment team. This was after its earlier business analysis highlighted investments with low synergies.

ByteDance will dissolve its group-level strategic investor team and transfer employees to six business units including TikTok, its Chinese counterpart Douyin that was created by the company in an organisational restructuring.

Company officials stated that the overhaul was intended to improve collaborations between business operations and strategy research.

Four people with knowledge of the situation say that Beijing’s company is reducing its size investment team. This comes as Beijing intensifies its antimonopoly efforts in reining in large corporates.

ByteDance has just completed its latest investment, which was the $4 billion purchase of Moonton Technology in Shanghai last year. Moonton’s online game Mobile Legends is the most popular in Southeast Asia.

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