bytedance: China’s ByteDance says has reorganised strategic investment team

ByteDance, the proprietor of brief video app TikTok, introduced on Wednesday that it was overhauling its strategic funding workforce after its enterprise evaluation earlier this month highlighted investments with “low synergies”.

ByteDance will disband its group-level strategic funding workforce and transfer staff to the six enterprise items, together with TikTok and its Chinese language model Douyin, that it created in October in a significant organisational reshuffle.

The overhaul is designed to “improve collaborations between technique analysis and enterprise operations,” the corporate mentioned.

The Beijing-based firm has been lowering the scale of its funding workforce as Beijing reinforces its antimonopoly efforts to rein in massive corporates over the previous yr, in keeping with 4 folks conversant in the scenario.

ByteDance’s newest high-profile funding contains its $4 billion acquisition of Shanghai-based gaming studio Moonton Know-how final yr. Moonton is most well-known in Southeast Asia for its on-line sport Cellular Legends.