Connect with us

Hi, what are you looking for?

Tech

TikTok Parent’s Founder Is Latest China Tech Boss to Step Down Amid Government Crackdown


The move by the founder of TikTok’s parent company to step down as chief executive makes him the latest in a series of Chinese internet entrepreneurs to leave the spotlight as authorities tighten the reins on the nation’s tech giants.

ByteDance Ltd., one of the world’s most valuable closely held tech companies, said Thursday that CEO Zhang Yiming, an engineer by training, would step aside to focus on long-term strategy. Co-founder Liang Rubo was appointed as his successor.

The departure of Mr. Zhang, 38, the largest single shareholder in a company valued in December at $180 billion, follows the  resignations of top executives at financial-tech giant Ant Group Co. and e-commerce company Pinduoduo Inc.

In March, Ant CEO Simon Husaid he would step down, amid heightened scrutiny by regulators, and barely a week later, Colin Huang, the 41-year-old founder of Pinduoduo, one of China’s largest online shopping platforms, announced he would vacate his position as chairman to pursue personal interests.

Once seen as powerful and untouchable for their contribution to innovation and economic growth, China’s largest internet companies have increasingly come under intense scrutiny by authorities, with regulators coming down since late last year hard on areas such as anti-monopolistic practices and data privacy.



Source link

Leave your vote

Comments

0 comments

You May Also Like

Politics

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae.

Finance

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Finance

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

World

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.