Tiktok owner resigns as CEO
The founder of Bytedance – the company that owns Tiktok – resigns as CEO. Both investors and company staff are said to be surprised by the sudden announcement.
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Bytedance founder Zhang Yiming steps down as CEO of the company. Stock Photography.Picture: Lise Åserud The 38-year-old founder Zhang Yiming announced his resignation in a letter in which he justified the decision by saying that he was not so interested in supervising people, and that he would rather devote himself to “daydreaming about what can become possible. ”The announcement comes at a time of tightening of rules and austerity measures aimed at technology companies in China. Several other representatives of technology companies in the country have left their posts in recent months. Change dance has grown exponentially in recent years. As owners of the popular social media app Tiktok, they have attracted hundreds of millions of users worldwide. Last year, Bytedance had almost SEK 300 billion in revenue and nearly doubled the number of employees, according to the Financial Times. The now retiring Zhang Yiming has become China's fifth richest person since he founded the company in 2012. It is still unclear whether he will remain on the board. Co-founder Liang Rubo takes over the CEO position in the company.