TikTok logo designs are seen on smart devices in front of a shown ByteDance logo design in this illustration taken November 27, 2019.
Dado Ruvic|Reuters
BEIJING– TikTok owner ByteDance has actually dissolved its financial investment department, a business representative informed CNBC on Wednesday.
Following an evaluation at the start of the year, ByteDance chose to “strengthen the focus of the business, reduce investments with low connection (to the main business) and disperse employees from the strategic investment department to various lines of business,” the representative stated in a Chinese- language declaration equated by CNBC.
The relocation “strengthens the coordination between strategic research and the business,” the business stated.
The news comes as ByteDance is going through restructuring considering that its creator Zhang Yiming stepped down as chairman in the fall. The business has actually developed 6 company systems to concentrate on various locations from video gaming to business software application.
ByteDance, which is not openly traded, is the world’s biggest start-up valued at $140 billion, according to CB Insights.
Investments and acquisitions have actually been an essential part of Chinese tech giants’ development throughout the years. Companies like Alibaba and Tencent have actually gotten smaller sized gamers in the house and abroad.
