TikTok owner ByteDance reorganises strategic investment team

19/1/2022 12:53:00 PM

TikTok owner ByteDance reorganises strategic investment team

Technology

TikTok owner ByteDance reorganises strategic investment team

BEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with 'low synergies'.

FILE PHOTO: The ByteDance logo is seen in this illustration taken, Nov. 27, 2019. REUTERS/Dado Ruvic/IllustrationBEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with"low synergies".

ByteDance will disband its group-level strategic investment team and move employees to the six business units, including TikTok and its Chinese version Douyin, that it created in October in a major organisational reshuffle.The overhaul is designed to"enhance collaborations between strategy research and business operations," the company said.

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27, 2019. REUTERS/Dado Ruvic/Illustration BEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with"low synergies". Asean also recorded a decline in foreign direct investment (FDI) in 2020 to US$137bil, down from its highest-ever inflow of US$182bil in 2019 when it was the largest recipient of FDI in the developing world. ByteDance will disband its group-level strategic investment team and move employees to the six business units, including TikTok and its Chinese version Douyin, that it created in October in a major organisational reshuffle. The overhaul is designed to"enhance collaborations between strategy research and business operations," the company said. The region’s share of global FDI rose from 11. The Beijing-based company has been reducing the size of its investment team as Beijing reinforces its antimonopoly efforts to rein in big corporates over the past year, according to four people familiar with the situation. Noh said 620 cooperatives had carried out investment activities in post-market shares with investment worth RM14.

ByteDance's latest high-profile investment includes its $4 billion acquisition of Shanghai-based gaming studio Moonton Technology last year.7% in 2020, while the intra-Asean share of FDI in the region increased from 12% to 17%. Moonton is most famous in Southeast Asia for its online game Mobile Legends. (Reporting by Yingzhi Yang, Zhang Yan, Xie Yu, Cheng Leng, and Brenda Goh; Editing by Jacqueline Wong and Louise Heavens) Article type: metered . And the future looks bright.