Chinese social media giant ByteDance is dissolving its investment team amid increased regulatory pressure and antitrust scrutiny of the country’s tech companies, reports the Financial Times. The company behind short video app TikTok said it had reviewed and taken stock of its business lines at the start of the year and decided to strengthen its focus and “cut down investing with low synergies.”
Members of the investment team will be dispersed throughout the organization to “strengthen the strategic research functions co-ordination with our business,” the company said.
The move came as Beijing’s tech crackdowns have sought to rein in some of the country’s tech giants, such as Alibaba and Meituan.
You must log in to post a comment.