exclusive | TikTok owner ByteDance dissolves strategic investment unit amid Beijing’s Big Tech scrutiny
South China Morning Post - China·2022-01-20 07:04
The Beijing-based unicorn is disbanding an internal unit in charge of external deals
ByteDance says employees from the unit will be reassigned to other departments after a business review
ByteDance, owner of popular short video app TikTok and its Chinese sibling Douyin, is dissolving its strategic investment unit and reassigning about a hundred employees, partly in response to Beijing’s increased scrutiny of the “irrational expansion of capital”, according to three people with knowledge of the matter.
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