#ByteDance founder Zhang Yiming

[sageglobalresponse]

Full list of Forbes’ 25 world billionaires in 2023

American business magazine, Forbes, in its 2023 list of 25 richest people in the world, featured Bernard Arnault on the No. 1 spot, followed by Twitter Chief Executive Officer, Elon Musk.

In its previous list in 2022, Musk was on the No. 1 spot.

Forbes described the drop of Musk from the top spot as ” this year’s second-biggest loser”, adding that “Elon Musk, had it worse.”

For Jeff Bezos, fortune knocked him from number. 2 in the world in 2022 to No. 3 this year as Amazon shares crashed by 38 per cent.

So This Happened (202) Reviews Lagos Bizman’s Arraignment Over Wife’s Death, Others | Punch

Musk lost his title of the world’s richest person after his pricey purchase of Twitter, which he funded in part by the sale of Tesla shares, helping to spook investors. Musk, who is worth $39 billion less than a year ago, is now No. 2.

For Jeff Bezos, fortune knocked him from number. 2 in the world in 2022 to No. 3 this year as Amazon shares crashed by 38 per cent.

Also, among the top 25, two billionaires — Zhang Yiming, Changpeng Zhao lost their spots and were unable to make it on the list for this year.

Yiming, the founder of Tik Tok-parent Bytedance, dropped one place, from No. 25 to No. 26, as his embattled company has taken a haircut from investors while Zhao, Binance founder, known as CZ, fell from No. 19 last year all the way to No. 167 amid the crypto winter.

Below are the list of Forbes 25 richest people in the world in 2023 with their net worth

1. Bernard Arnault & family

(Net worth: $211 Billion | Source of Wealth: LVMH | Age: 74 | Citizenship: France)

2. Elon Musk

(Net worth: $180 Billion | Source of Wealth: Tesla, SpaceX | Age: 51 | Citizenship: U.S.)

3. Jeff Bezos

(Net worth: $114 Billion | Source of Wealth: Amazon | Age: 59 | Citizenship: U.S.)

4. Larry Ellison

(Net worth: $107 Billion | Source of Wealth: Oracle | Age: 78 | Citizenship: U.S.)

5. Warren Buffett

(Net worth: $106 Billion | Source of Wealth: Berkshire Hathaway | Age: 92 | Citizenship: U.S.)

6. Bill Gates

(Net worth: $104 Billion | Source of Wealth: Microsoft | Age: 67 | Citizenship: U.S.)

7. Michael Bloomberg

(Net worth: $94.5 Billion | Source of Wealth: Bloomberg LP | Age:81

8. Carlos Slim Helú & family

(Net worth: $93 Billion | Source of Wealth: Telecom | Age: 83 | Citizenship: Mexico)

9. Mukesh Ambani

(Net worth: $83.4 Billion | Source of Wealth: Diversified| Age: 65 | Citizenship: India)

10. Steve Ballmer

(Net worth: $80.7 Billion | Source of Wealth: Microsoft | Age: 67 | Citizenship: U.S.)

11. Françoise Bettencourt Meyers & family

(Net worth: $80.5 Billion | Source of Wealth: L’Oréal | Age: 69 | Citizenship: France)

12. Larry Page

(Net worth: $79.2 Billion | Source of Wealth: Google | Age: 50 | Citizenship: U.S.)

13. Amancio Ortega

(Net worth: $77.3 Billion | Source of Wealth: Zara | Age: 87 | Citizenship: Spain)

14. Sergey Brin

(Net worth: $76 Billion | Source of Wealth: Google | Age: 49 | Citizenship: U.S.)

15. Zhong Shanshan

(Net worth: $68 Billion | Source of Wealth: Beverages, pharmaceuticals | Age: 68 | Citizenship: China)

16. Mark Zuckerberg

(Net worth: $64.4 Billion | Source of Wealth: Facebook | Age: 38 | Citizenship: U.S.)

17. Charles Koch

(Net worth: $59 Billion | Source of Wealth: Koch Industries | Age: 87 | Citizenship: U.S.)

18. Julia Koch & family

(Net worth: $59 Billion | Source of Wealth: Koch Industries | Age: 60 | Citizenship: U.S.)

19. Jim Walton

(Net worth: $58.8 Billion | Source of Wealth: Walmart | Age: 74 | Citizenship: U.S.)

20. Rob Walton

(Net worth: $57.6 Billion | Source of Wealth: Walmart | Age: 78 | Citizenship: U.S.)

21. Alice Walton

(Net worth: $56.7 Billion | Source of Wealth: Walmart | Age: 73 | Citizenship: U.S.)

22. David Thomson & family

(Net worth: $54.4 Billion | Source of Wealth: Media | Age: 65 | Citizenship: Canada)

23. Michael Dell

(Net worth: $50.1 Billion | Source of Wealth: Dell Technologies | Age: 58 | Citizenship: U.S.)

24. Gautam Adani

(Net worth: $47.2 Billion | Source of Wealth: Infrastructure, commodities | Age: 60 | Citizenship: India)

25. Phil Knight & family

(Net worth: $45.1 Billion | Source of Wealth: Nike | Age: 85 | Citizenship: U.S.)

[shyheemprosper]

My Experience With TikTok

Hello everyone, the social media platform that I want to share my experience with you is TikTok. Now, I had created an account at the beginning of Covid, however, I never really used the app that much at all and ventured deeply into it up until now. From the beginning of January 2023 to May 2023, I must say that I have slightly fallen victim to the addiction of the app.

Just to give you a small brief history, TikTok was formally known as Musical.ly, an app that allowed users to post 1 minute videos where they lip-synced and danced to their favourite songs.

The main founder of ByteDance, Zhang Yiming, created the parent company ByteDance that purchased Musical.ly on November 10th, 2017 and merged it into TikTok. November 2021, Zhang Yiming stepped down as the CEO of the company, due to experiencing pressure from the Chinese government due to allegations of security breaches.

Now that the introduction has been said, we can discuss the fascination of the social media platform TikTok.

(Via BellaPoarch TikTok)

Looking at the Gif above, we will see user Bella Poarch, a simple regular girl at the time who had created her account in January 2020, posting fun musical clips, however, this is where her life would change drastically. Her quirky and open personality garnered her over 93 million followers. Yes, you read that correctly. You may ask, how does this work? Well, similar to Instagram algorithm, TikTok algorithm bases recommendations on user’s interactions with content on the app. These interactions would provide hints to what kind of content the user likes or doesn’t like. In the discover/search section it gives user the following:

Dance challenges

Music videos

Social activism

Trendy topics

Tutorials

Now looking into the business side of TikTok. Popular brands and self-entrepreneurs(small business owners) have benefitted from posts created on the platform. They have noticed that a lot of the younger generation between the ages of 18-30 years has gravitated towards their content and shown more interest in what brands have to offer. Some benefits for using TikTok are as followed:

Running of various ads

Collaboration with influencers

Increase brand awareness

Creative features to showcase products

Enlarging your audience

Enhance brand identity

Take advantage of user-generated content

Reach your target market faster

The music business has also seen huge growth within the past 3 years of using TikTok. Regarding to streaming platforms, according to an article from the Los Angeles Times, more than 414.4 million people were subscribed to a music streaming service in 2020, growing to 523.9 million in 2021, and 616.2 million in 2022. This has helped artists to receive a lot more streams that they can benefit from.

Personally speaking, aside from the important security matters the company is currently facing, I see TikTok as a way for brands to represent themselves in a way that is different from Twitter, Facebook, and Instagram. I mean, Instagram has even copied its video feature and called it ‘Instagram Reels’. That in itself should tell you how the video platform is so impactful.

[everytechever]

TikTok Founder Becomes China’s Richest Person

TikTok founder Zhang Yiming tops China’s 2024 Rich List, with a net worth of $49.3 billion, according to Hurun Research Institute. Zhang Yiming is now the 18th person to hold the title of China’s richest individual since the Hurun China Rich List began in 1999. He takes over from Zhong Shanshan, founder of Nongfu Spring, who held the spot for three years. Zhang co-founded ByteDance, the company…

[starbiopic]

ByteDance Founder Zhang Yiming's Net Worth Surpasses Mukesh Ambani Amidst China’s Wealth Decline

ByteDance founder Zhang Yiming has emerged as the wealthiest individual in China, surpassing business mogul Mukesh Ambani in net worth. According to the latest Hurun China Rich List, Zhang Yiming’s net worth has reached a staggering $49.3 billion, placing him at the top of the list. This achievement highlights Zhang’s impressive success with ByteDance, the parent company of popular platforms like…

[gurutrends]

TikTok founder becomes China's richest man

The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China’s richest person. According to a rich list produced by the Hurun Research Institute, Zhang Yiming, is now worth $49.3bn (£38bn) – 43% more than in 2023. The 41 year old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm. TikTok…

[employehub]

TikTok-Owner ByteDance Founder Zhang Yiming to Step Down as CEO, HR Chief Liang Rubo to Take Over

TikTok-Owner ByteDance Founder Zhang Yiming to Step Down as CEO, HR Chief Liang Rubo to Take Over

Transition in TikTok Leadership: Zhang Yiming Steps Down as CEO

In a significant development for the global social media landscape, TikTok’s parent company ByteDance announced that its founder, Zhang Yiming, is set to step down from his role as CEO. This transition marks a pivotal moment for one of the world’s most popular and influential social media platforms. Liang Rubo, the current Chief Human Resources Officer, will succeed Zhang as the new CEO. The move comes amidst increasing scrutiny and regulatory challenges faced by TikTok in various parts of the world.

Transition of Leadership

Firstly, Zhang Yiming’s decision to step down as CEO of TikTok-owner ByteDance underscores the dynamic nature of the technology sector. Transitioning from a founder-led leadership model to a new CEO brings both opportunities and challenges for the company. Liang Rubo’s elevation to the top position reflects ByteDance’s commitment to continuity and succession planning. With Rubo’s background in human resources, his leadership style and strategic vision may differ from Zhang’s, potentially influencing TikTok’s future direction.

Impact on TikTok’s Strategy

Secondly, the change in leadership could signal a shift in TikTok’s strategic priorities and corporate culture. Zhang Yiming’s leadership has been instrumental in shaping TikTok into a global phenomenon, known for its innovative content creation and algorithm-driven recommendations. However, as TikTok continues to navigate complex regulatory landscapes and competition in the social media space, Rubo’s leadership may prioritize issues such as compliance, corporate governance, and stakeholder engagement.

Challenges and Opportunities Ahead

Moreover, the transition in TikTok’s leadership comes at a crucial juncture when the platform faces mounting challenges, including concerns over data privacy, content moderation, and geopolitical tensions. However, it also presents an opportunity for ByteDance to reinforce its commitment to responsible corporate citizenship and sustainable growth. Rubo’s leadership will be closely watched as TikTok seeks to strike a balance between innovation and regulatory compliance in an increasingly interconnected world.

Continuity in Innovation

While Zhang Yiming’s departure marks the end of an era for ByteDance, it does not necessarily signal a departure from its core values of innovation and user-centric design. TikTok’s success has been driven by its ability to adapt to evolving user preferences and technological advancements. Rubo’s leadership will be critical in ensuring that TikTok continues to innovate and provide a compelling user experience while addressing concerns related to privacy, safety, and misinformation.

Stakeholder Relations

Furthermore, effective stakeholder management will be paramount for TikTok under Rubo’s leadership. As a globally operating platform, TikTok must navigate relationships with governments, regulators, advertisers, content creators, and users. Clear communication, transparency, and collaboration will be essential in building and maintaining trust among stakeholders. Rubo’s background in human resources may bring a unique perspective to stakeholder engagement, emphasizing the importance of nurturing talent and fostering a positive workplace culture.

Potential Challenges

However, the transition in leadership also poses potential challenges for TikTok. Zhang Yiming’s departure may lead to speculation and uncertainty among investors, partners, and employees. Maintaining morale and confidence amidst leadership changes requires effective communication and a clear roadmap for the company’s future. Rubo will need to demonstrate his ability to lead TikTok through this transition period with agility and resilience.

Conclusion

In conclusion, Zhang Yiming’s decision to step down as CEO of TikTok-owner ByteDance and Liang Rubo’s appointment as his successor mark a significant milestone in the evolution of one of the world’s most influential social media platforms. While the transition presents both opportunities and challenges, it underscores TikTok’s commitment to adapting to change and driving innovation in an ever-evolving digital landscape. As TikTok navigates this transition, effective leadership, stakeholder engagement, and a clear strategic vision will be crucial in shaping its future trajectory.

[forgottenbones]

Douyin was launched by ByteDance in September 2016, originally under the name A.me, before rebranding to Douyin (抖音) in December 2016. Douyin was developed in 200 days and within a year had 100 million users, with more than one billion videos viewed every day.

While TikTok and Douyin share a similar user interface, the platforms operate separately. Douyin includes an in-video search feature that can search by people's faces for more videos of them, along with other features such as buying, booking hotels, and making geo-tagged reviews.

ByteDance planned on Douyin expanding overseas. The founder of ByteDance, Zhang Yiming, stated that "China is home to only one-fifth of Internet users globally. If we don't expand on a global scale, we are bound to lose to peers eyeing the four-fifths. So, going global is a must."

The app was launched as TikTok in the international market in September 2017. On 23 January 2018, the TikTok app ranked first among free application downloads on app stores in Thailand and other countries. TikTok has been downloaded more than 130 million times in the United States and has reached 2 billion downloads worldwide, according to data from mobile research firm Sensor Tower (those numbers exclude Android users in China).

In the United States, celebrities, including Jimmy Fallon and Tony Hawk, began using the app in 2018. Other celebrities, including Jennifer Lopez, Jessica Alba, Will Smith, and Justin Bieber joined TikTok as well as many others. In January 2019, TikTok allowed creators to embed merchandise sale links into their videos.

On 3 September 2019, TikTok and the U.S. National Football League (NFL) announced a multi-year partnership. The agreement occurred just two days before the NFL's 100th season kick-off at Soldier Field, where TikTok hosted activities for fans in honor of the deal. The partnership entails the launch of an official NFL TikTok account, which is to bring about new marketing opportunities such as sponsored videos and hashtag challenges. In July 2020, TikTok, excluding Douyin, reported close to 800 million monthly active users worldwide after less than four years of existence.

In May 2021, TikTok appointed Shou Zi Chew as their new CEO who assumed the position from interim CEO Vanessa Pappas, following the resignation of Kevin A. Mayer on 27 August 2020. In September 2021, TikTok reported that it had reached 1 billion users. In 2021, TikTok earned $4 billion in advertising revenue.

In October 2022, TikTok was reported to be planning an expansion into the e-commerce market in the US, following the launch of TikTok Shop in the United Kingdom. The company posted job listings for staff for a series of order fulfillment centers in the US and is reportedly planning to start the new live shopping business before the end of the year. The Financial Times reported that TikTok will launch a video gaming channel, but the report was denied in a statement to Digiday, with TikTok instead aiming to be a social hub for the gaming community.

According to data from app analytics group Sensor Tower, advertising on TikTok in the US grew by 11% in March 2023, with companies including Pepsi, DoorDash, Amazon and Apple among the top spenders. According to estimates from research group Insider Intelligence, TikTok is projected to generate $14.15 billion in revenue in 2023, up from $9.89 billion in 2022.

On March 8, 2024, President Joe Biden said he would sign into law a bill forcing ByteDance to divest TikTok within 180 days. The House Energy and Commerce Committee voted unanimously, 50-0, to advance the bill on March 7, 2024. ByteDance launched a congressional lobbying campaign mobilizing TikTok users in response.

On 9 November 2017, TikTok's parent company, ByteDance, spent nearly $1 billion to purchase musical.ly, a startup headquartered in Shanghai with an overseas office in Santa Monica, California, U.S. Musical.ly was a social media video platform that allowed users to create short lip-sync and comedy videos, initially released in August 2014. TikTok merged with musical.ly on 2 August 2018 with existing accounts and data consolidated into one app, keeping the title TikTok. This ended musical.ly and made TikTok a worldwide app, excluding China, since China already had Douyin.

TikTok

[worldmarketus]

List of Asia’s Billionaires – Wealthiest Titans of the East

Introduction:

Asia, a continent brimming with diversity and innovation, is also home to some of the world’s wealthiest individuals. From pioneering tech giants to industrial magnates, these billionaires have not only left an indelible mark on their respective industries but have also significantly contributed to the region’s economic growth. In this article, we delve into the lives and fortunes of Asia’s most prominent billionaires, each shaping the landscape of their nations and beyond.

Table of Contents

Introduction:

List of Asia’s Billionaires

Conclusion:

List of Asia’s Billionaires

Mukesh Ambani – India (Net Worth: $88 Billion)

  Mukesh Ambani, the chairman of Reliance Industries, stands atop Asia’s billionaire list. His sprawling conglomerate spans industries like petrochemicals, refining, telecommunications, and retail, playing a pivotal role in India’s economic development.

Zhong Shanshan – China (Net Worth: $64.5 Billion)

   Zhong Shanshan, the founder of Nongfu Spring, has redefined bottled water in China. His empire also includes health products and pharmaceuticals, earning him a prominent position among China’s richest.

Gautam Adani – India (Net Worth: $53.7 Billion)

   Gautam Adani, the founder of the Adani Group, has propelled India’s infrastructure development with ventures in energy, logistics, agribusiness, and more, solidifying his status as a key player in the Indian economy.

Zhang Yiming – China (Net Worth: $45.0 Billion)

   Zhang Yiming, the mastermind behind Bytedance, the parent company of TikTok, has disrupted the global tech scene. His innovative platforms have revolutionized content consumption and social media engagement.

Li Ka-shing – Hong Kong (Net Worth: $37.4 Billion)

   Li Ka-shing, often known as “Superman” in Hong Kong, is the chairman of Hutchison Holdings. His conglomerate spans sectors like retail, real estate, and telecommunications, playing a pivotal role in the region’s economic growth.

Tadashi Yanai – Japan (Net Worth: $36 Billion)

   Tadashi Yanai, the founder of Uniqlo and Fast Retailing, has redefined casual fashion globally. His brand’s blend of affordability and quality has earned him a global following.

Ma Huateng – China (Net Worth: $35.6 Billion)

   Ma Huateng, known as “Pony Ma,” is the co-founder and CEO of Tencent, a technology conglomerate behind popular platforms like WeChat and QQ. His influence on China’s tech ecosystem is immense.

Zeng Robin – Taiwan (Net Worth: $35.5 Billion)

   Zeng Robin, chairman of Contemporary Amperex Technology (CATL), is a driving force in Taiwan’s green technology sector. His company is a leading global player in lithium-ion batteries for electric vehicles.

Conclusion:

These notable billionaires from Asia embody the entrepreneurial spirit and ingenuity that define the continent. As they continue to innovate, invest, and shape industries, they contribute not only to their own prosperity but also to the advancement of their nations and the global economy. Their journeys serve as a testament to the power of vision, determination, and the potential for change that is inherent in every corner of Asia.

[somquest]

Zhang Yiming is a Chinese entrepreneur and the founder of ByteDance, a Chinese technology company known for developing popular apps such as TikTok, Douyin, and Toutiao. Born on April 1, 1983, in Longyan, Fujian, China, he graduated from Nankai University, Tianjin, in 2005, with a degree in software engineering. After graduation, he worked for several tech companies before founding ByteDance in 2012. As of 2021, Zhang Yiming's net worth is estimated to be around $44.5 billion, making him one of the wealthiest people in China. He has been recognized for his contributions to the tech industry, including being named in Time magazine's 100 most influential people list in 2019.

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#tiktok #tiktokindonesia #tiktokindia #tiktokowner #tiktoknetwork #tiktokvalue #tiktoks #ceo #ceolife #ceomindset #ceoquotes #ceos #ceomillionaires #ceolifestyle #millionairegoals #millionaires #millionairementality

[thestarbulletin]

Who Is The Wife Of Shou Zi Chew? Get To Know About Vivian Kao!

After Zhang Yiming, the company’s founder, stood down from his role as CEO of Bytedance in 2021, Singaporean Shou Zi Chew took over in that role. During Mr. Chew’s stay in the United States, everyone, including Mr. Chew’s wife, is interested in learning more about his private life. Here is what we have learned… Vivian Kao, Shou Zi Chew’s Wife – Vivian Kao, who is married to the CEO of TikTok, is…

[xtruss]

TikTok CEO Shou Zi Chew testifies during a hearing of the House Energy and Commerce Committee, on the platform’s consumer privacy and data security practices and impact on children, Thursday, March 23, 2023, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

US Dirty Politics: Why Does US See Chinese-owned TikTok As A Security Threat?

TikTok is a subsidiary of Chinese technology firm ByteDance. It has been closely scrutinized over whether the data it has on 150 million American users is accessible to China's government and if the platform could be used to promote narratives favorable to the country's communist leaders.

— Bu Joe McDonald and Zen Soo | Associated Press (AP) | March 24, 2023

BEIJING (AP) — U.S. lawmakers have grilled TikTok CEO Shou Zi Chew about data security and harmful content, with some pushing to ban the popular short-video app nationwide.

Chew, a native of Singapore, told the lawmakers that TikTok prioritizes user safety as he sought to avert a U.S. ban on the app by downplaying its ties to China.

Both Republican and Democratic representatives aggressively questioned Chew on topics including TikTok’s content moderation practices, its data security plans, and past spying on journalists.

Here’s a look at some of the concerns about TikTok and its ownership.

Why Does Washington Say TikTok is a Threat?

TikTok, which has over 150 million American users, is a wholly owned subsidiary of Chinese technology firm ByteDance Ltd., which appoints its executives.

ByteDance is based in Beijing but registered in the Cayman Islands, as is common for privately owned Chinese companies. Its headquarters is in Beijing’s northwestern Haidian district, home to key universities and a hub for tech startups. TikTok has dual headquarters in Singapore and Los Angeles.

Founded by Chinese entrepreneur Zhang Yiming in 2012, ByteDance is said to be valued at around $220 billion — nearly half of its 2021 valuation of $400 billion. Publicly traded Chinese tech companies and privately held ones like ByteDance have plunged in value since the ruling Communist Party tightened control over the industry with anti-monopoly and data security crackdowns.

Western governments worry Chinese authorities could force ByteDance to hand over TikTok data on American users, exposing sensitive information. Foreign Ministry spokeswoman Mao Ning said Friday that China’s government has never and will not ask companies to “collect or provide data, information or intelligence” held in foreign countries, adding the U.S. “has not provided any evidence so far to prove that TikTok threatens U.S. national security.”

ByteDance says 60% of its shares are owned by non-Chinese investors such as U.S investment firms Carlyle Group and Kohlberg Kravis Roberts and Japan’s SoftBank Group. Employees own 20% and its founders the remaining 20%.

Some details of the relationship between TikTok and ByteDance remain unclear to outsiders.

What Chinese Rules Worry Western Governments?

China’s 2017 National Intelligence Law states that “any organization” must assist or cooperate with state intelligence work while a separate 2014 Counter-Espionage Law says “relevant organizations ... may not refuse” to collect evidence for an investigation.

Since ByteDance, which owns TikTok, is a Chinese company, it would likely have to abide by these rules if Chinese authorities asked it to turn over data.

Laws and regulations are only one aspect of the Communist Party’s pervasive control. There are no legal limits on the party’s powers. The authorities also can threaten to cancel licenses, conduct regulatory or tax investigations and use other penalties to compel compliance by Chinese and foreign companies operating in China.

The party sometimes conveys orders using “window guidance,” or informal communication in private. It has used crackdowns to tighten control over technology companies and force them to align with its goals.

The Chinese government has also sought more direct control over companies by getting seats on boards of directors.

Must TikTok Turn Over Data If The Chinese Government Says So, Even with “ Project Texas?”

TikTok has promised to protect data on American users by storing it on servers operated by an outside contractor, Oracle Corp., in what’s known as “Project Texas.” Chew, the TikTok CEO, said all new U.S. user data is stored in the United States and the company should finish deleting older U.S. data from non-Oracle servers this year.

The fear is that ByteDance would have to hand over information it obtained from TikTok if ordered to do so by Chinese authorities, but Chew has said Project Texas will put U.S. data out of China’s reach.

ByteDance disclosed in December that four employees gained access to data about reporters and people connected to them while looking for how information about the company was leaked. Chew told the lawmakers China-based ByteDance employees may still have access to some U.S. data but that won’t be the case once Project Texas is complete.

In November, TikTok’s head of privacy for Europe said some employees in China had access to information about users in Britain and the European Union.

Does The Communist Party Have Any Influence on Bytedance?

In Thursday’s hearing, lawmakers repeatedly tried to pin down Chew on whether ByteDance had links to China’s communist rulers.

He deflected questions about whether staff and top executives are Communist Party members.

“I do know that the founder himself is not a member of the Communist Party, but we don’t know the political affiliation of our employees because that’s not something we ask,” Chew said.

When questioned whether ByteDance was effectively controlled by the Chinese Communist Party, Chew said he disagreed.

After a lawmaker said the Communist Party holds a “golden share” in ByteDance that allows it to control one ByteDance board seat, Chew said, “That’s not correct.”

In China, so-called golden shares held by official investment funds are one way for Beijing to gain more oversight over business by giving them a 1% stake in companies.

Chew pushed back when lawmakers claimed that the Communist Party owns shares in ByteDance that give it a vote in how the company is run. “The Communist Party doesn’t have voting rights in ByteDance,” Chew said.

ByteDance’s main Chinese subsidiary is the license-holder for some of its video and information platforms that only serve the China market.

What is Douyin And What is TikTok’s Relationship With It?

Douyin is ByteDance’s short-video platform for the China market. It’s similar to TikTok, but its content is restricted by Chinese censorship rules that prohibit material deemed subversive or pornographic – a point emphasized by U.S. lawmakers worried about harmful content viewed by young people.

The Communist Party’s extensive internet filters block most users in China from seeing TikTok. ByteDance has said TikTok has “no affiliation” with Beijing ByteDance Technology Co., the subsidiary that operates Douyin; Toutiao, a news and short-video platform, and other services.

How Did China React To The TikTok CEO’S Washington Testimony?

Most of the social media reaction in China was sympathetic to Chew, with praise for how he handled the hostile questions lobbed at him.

Comments on Douyin and microblogging platform Weibo were critical of U.S. lawmakers for asking Chew leading or “trap” questions. Many commenters used a Chinese saying that means “If you want to accuse someone, there’s always a way.”

— Associated Press Business Writer Kelvin Chan in London contributed to this report.

[technomoz]

ByteDance founder Zhang Yiming steps down as chairman following company reshuffle

ByteDance founder Zhang Yiming steps down as chairman following company reshuffle

A person familiar with the matter told Reuters that ByteDance founder Zhang Yiming has resigned as TikTok’s chief owner, after his resignation as CEO was announced in May. The person added that the new CEO, Yang Rubo, will take over as chairman of the board. ByteDance did not immediately respond to a request for comment. On Tuesday, Liang announced a major organizational reshuffle at ByteDance by…

[everythingshouldbereality]

China's ByteDance founder Zhang Yiming steps down

China’s ByteDance founder Zhang Yiming steps down

Image Source : AP China’s ByteDance founder Zhang Yiming steps down Chinese tech unicorn ByteDance Ltd co-founder billionaire Zhang Yiming on Thursday announced that he will step down as CEO, in a surprise move that signalled a major leadership shake-up at the technology firm which created the popular short-video app TikTok. Zhang, 38, who is one of China’s wealthiest entrepreneurs, said he is…

[weelectronicstudentreviewstuff]

TikTok Troubles Narrow Gap Between Beijing And ByteDance Founder Zhang Yiming

TikTok Troubles Narrow Gap Between Beijing And ByteDance Founder Zhang Yiming

BEIJING/HONG KONG: ByteDance founder Zhang Yiming has long positioned himself as a global internet entrepreneur, largely eschewing Chinese government involvement, but U.S. demands to sell his crown jewel TikTok are testing the boundaries with Beijing.

A year ago, ByteDance was approached by the Chinese government with offers of help when TikTok, a short-video app with a huge following among…

[argumate]

His main rival Jack Ma, the founder of Alibaba, has kept a low public profile since affiliate Ant Group's Hong Kong and Shanghai initial public offering was cancelled just days before its planned launch in November 2020. Alibaba was hit with a record antitrust fine around about the same time.

Zhang Yiming, founder of TikTok owner Bytedance, said in May he would step down as head of his firm, while the chairman of e-commerce giant Pinduoduo, Colin Huang, announced in March that he would vacate his post to focus on philanthropy.