Bytedance, Staff, Tiktok

Bytedance, Staff

ByteDance founder tells staff he's shifting away from CEO's daily work - sources

ByteDance founder tells staff he's shifting away from CEO's daily work - sources

17/6/2021 1:23:00 PM

ByteDance founder tells staff he's shifting away from CEO's daily work - sources

Its gross profit hit US$19 billion, representing a 93per cent growth year over year while its operating loss was US$2 billion for the year and net ...

BookmarkIn May, Zhang unexpectedly announced that he will step down as CEO of the TikTok owner amid Chinese' regulators' tightened scrutiny of the country's biggest technology firms.He said at the time he would move to a"key strategy" role and complete the transition work with his successor Liang Rubo by the end of this year.

Man, 86, jailed for molesting 11-year-old girl and woman on public buses SAF commander to be disciplined after addressing recruits in public with mask tucked under chin Table tennis: Yu Mengyu upsets Japan’s Ishikawa, books Tokyo Olympics semi-finals spot

AdvertisementAdvertisementZhang told staff he is currently studying other companies' organizational structures and managing styles, and doing research on the education industry. Zhang remains chairman of ByteDance and has the absolute voting power at the company.

The company told staff at the same meeting that its total revenue more than doubled in 2020 to US$34.3 billion and its net loss widened to US$45 billion, according to a memo seen by Reuters.The wider loss was partly attributable to accounting norms for share-based compensation of employees, a person familiar with the matter said.

Reuters has reported that ByteDance, one of the world's biggest private tech companies with an estimated value of about US$300 billion in recent trades, had a revenue goal of around US$30 billion for 2020.AdvertisementAdvertisementByteDance posted an operating loss of US$2 billion and a gross profit of US$19 billion, representing 93per cent growth year-over-year, the company told employees in the staff meeting, upon which the memo was based.

Beijing-based ByteDance declined to comment on its financials or Zhang's remarks.It had 1.9 billion global monthly users in December 2020 for all its apps including TikTok, its Chinese version Douyin and news aggregator Jinri Toutiao.(Reporting by Yingzhi Yang and Tony Munroe; Editing by Muralikumar Anantharaman and Kim Coghill)

Read more: CNA »

2021 Tokyo Olympic Games | Yahoo Singapore

Thai Airways acting CEO resigns after restructuring plan approvedBANGKOK: Thai Airways International Pcl on Wednesday said that its acting chief executive officer, Chansin Treenuchagron, had resigned. The ...

Christine Kuo rumoured to separate from husbandChristine Kuo reportedly left her husband in the beginning of this year and returned to Canada, and returned to Hong Kong in April only to move to a new home.

Alibaba executive says founder Jack Ma 'lying low' - CNBCFollowing Ma's criticism of China's regulatory system last year, Beijing came down heavily on the company, leading to the shelving of financial affiliate Ant Group's $37 billion initial public offering and an enforced restructuring of Ant. Ma, China's best-known entrepreneur, has been largely out of public view since.

Olympics-Australia swim trials calendar shift to reap Tokyo rewards - RooneyADELAIDE: Australia broke with tradition to hold its swimming trials just six weeks before the start of the 2020 Olympics and former world ...