In 2021, Shou Zi Chew, former CFO of Xiaomi, took over as TikTok CEO. From June 2020 to his resignation 26 August 2020, Mayer served as the CEO of TikTok and the COO of ByteDance, reporting directly to the company CEO Zhang Yiming. On, ByteDance and Disney released an announcement that Kevin Mayer, head of Disney's streaming business, would join ByteDance. Zhang Yiming was ByteDance's chairman and CEO from its founding in 2012 until 2021, when co-founder Liang Rubo took over as CEO. In 2021, the state-owned China Internet Investment Fund purchased a 1% stake in ByteDance's main Chinese subsidiary, Beijing ByteDance Technology (formerly Beijing Douyin Information Service), as a golden share investment and seated Wu Shugang, a government official with a background in propaganda, as one of the subsidiary's board members. īyteDance's owners include its founders and Chinese investors (20%), global investors (60%), and employees (20%). As of March 2021, it was estimated to be valued at $250 billion in private trades. Corporate affairs Funding and ownership īyteDance is financially backed by Jeff Yass' Susquehanna International Group, Kohlberg Kravis Roberts, SoftBank Group, Sequoia Capital, General Atlantic, and Hillhouse Capital Group. In April 2023, ByteDance filed a trademark for a book publisher called 8th Note Press. When one version is deemed to perform better, the team designing the better version is provided with more support. In March 2023, The Wall Street Journal reported that former employees allege that the company engages in a practice called "horse racing," in which several teams are assigned to build the same product. In June 2022, the Financial Times reported on a culture clash at ByteDance's London office that has led to a staff exodus. In August 2021, ByteDance acquired Pico, an Oculus-like virtual reality startup. In April 2021, ByteDance announced that it had created a new division called BytePlus to distribute the software framework underlying TikTok, so that others may launch similar apps. In March 2021, the Financial Times reported that ByteDance was part of a group of Chinese companies that aimed to deploy technology to circumvent Apple's privacy policies. In December 2018, ByteDance sued Chinese technology news site Huxiu for defamation after Huxiu reported that ByteDance's Indian-language news app Helo was propagating fake news. Other notable acquisitions include the UGC short video platform Hypstar (Vigo Video) in July 2017, and News Republic from Cheetah Mobile in November 2017. Two months later, in February 2017, it acquired Flipagram, which was later merged with Musical.ly into TikTok upon the latter's acquisition in November 2017. In December 2016, it invested in the Indonesian news recommendation platform BABE. įrom late 2016 until 2017, ByteDance made a number of acquisitions and new product launches. It is headed by Wei-Ying Ma, the former assistant managing director of Microsoft Research Asia. In March 2016, ByteDance established its research arm, called the ByteDance AI Lab. At the time, there was an app race for video views and the attention of phone users. Part four of the plan was to build an English version of Toutiao to gain users in English-speaking countries. In January 2013, in an attempt for commercialism and nationalism, a four-part plan for the future was presented to executives. " headlines"), which would become their core product. In August 2012, ByteDance launched the first version of news and content platform Toutiao (头条, lit. Before being forced by the Chinese government to shut down in 2018, Neihan Duanzi had over 200 million users. This allowed users to circulate jokes, memes, and humorous videos. In March 2012, ByteDance launched its first app, called Neihan Duanzi ( 内涵段子, lit. That March, Yiming and Liang founded ByteDance. In early 2012, the pair rented an apartment in Zhongguancun and, along with several other 99fang employees, began developing an app that would use big data algorithms to classify news according to users' preferences, which would later become Toutiao. In 2009, software engineer and entrepreneur Zhang Yiming collaborated with his friend Liang Rubo to co-found, a real estate search engine. īyteDance has attracted legislative and media attention in several countries over security, surveillance, and censorship concerns. As of June 2021, ByteDance hosts 1.9 billion monthly active users across all of its platforms. The company is also the developer of the news platform Toutiao. įounded by Zhang Yiming, Liang Rubo and a team of others in 2012, ByteDance developed the video-sharing social networking services and apps TikTok and Chinese-specific counterpart Douyin. ( Chinese: 字节跳动 pinyin: Zìjié Tiàodòng) is a Chinese internet technology company headquartered in Beijing and incorporated in the Cayman Islands.
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