Funding and ownership īyteDance is financially backed by Kohlberg Kravis Roberts, SoftBank Group, Sequoia Capital, General Atlantic, and Hillhouse Capital Group.
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Īs with many Chinese companies, the company has an internal CCP committee serving the party members among the employees, with vice president Zhang Fuping serving as its Party Committee Secretary. In 2021, Chew Shouzi, 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. Unconfirmed reports suggest that the move may also be a consequence of new guidelines drafted by the Cyberspace Administration of China (CAC), China's main internet regulator. Later on the same day, an official ByteDance representative announced that the company's investment arm has been dissolved and there are plans to reassign the department's staff and its head, Zhao Pengyuan, to the strategic business unit. On 19 January 2022, reports that emerged from Chinese media outlet 36Kr suggested that the company plans to dismiss its entire strategic investment arm, citing a former ByteDance employee. In August 2021, CNBC reported that ByteDance acquired Pico, an Oculus-like virtual reality startup. The following month, ByteDance announced that it had created a new division called BytePlus to distribute the underlying platform of 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 misinformation. 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 till 2017, ByteDance made a number of acquisitions and new product launches. The same year, the ByteDance AI Lab and Peking University co-developed Xiaomingbot ( 张小明), an AI bot that wrote news articles. The lab's research has focused on AI for understanding information (text, images, videos) in depth, and developing machine learning algorithms for personalized information recommendations. 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. Growth, acquisitions and international expansion Toutiao hit 1 million daily active users four months after its launch.
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" headlines"), which would become their core product.
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In August 2012, ByteDance launched the first version of news and content platform Toutiao (头条, lit. At its peak in 2017, 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.
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BYTEDANCE CHINESE PAY CHINA WECHAT PAY SOFTWARE
In 2009, software engineer and entrepreneur Zhang Yiming collaborated with his friend Liang Rubo to co-found, a real estate search engine.