Billionaire owner of TikTok parent company ByteDance says he’s resigning due to lack of managerial skills

VCG VIA GETTY IMAGES/FORBES
Share to friends

Zhang Yiming, the Chinese billionaire co-founder of ByteDance the parent company of TikTok, introduced on Thursday he’ll step down as CEO of the multi-billion greenback company.

“The fact is, I lack some of the skills that make a great supervisor”, Zhang mentioned in an unusually candid open memo by one of Asia’s billionaires.

“I’m more interested in analyzing organizational and market principles… than actually managing people,” Zhang mentioned.

The 38-year-old additionally added that he’s “not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible”.

Zhang will step down by the top of the 12 months and transition to a brand new position specializing in “long-term strategy”, the memo mentioned. Liang Rubo, the co-owner of ByteDance will take over as the brand new CEO.

READ ALSO  Why Carvana stock dropped 97% in the past year as the auto resale success story became a used-car clunker

ByteDance mentioned Zhang and Liang “will work side by side over the next six months to ensure the smoothest possible transition.”

Zhang has been beneath huge stress to persuade the U.S and the remaining of the world that TikTok is not going to switch knowledge to China’s Communist Party, whereas additionally defending his picture at dwelling by not showing to give in to Western calls for. TikTok is ByteDance’s wildly in style short-video app.

In September final 12 months, Trump’s administration said it will block new downloads of TikTok videos and in addition ban the Chinese-owned messaging and cost app WeChat due to nationwide safety considerations.

Prior to the assertion, U.S tech big Microsoft indicated interest to acquire TikTok. President Trump gave its parent company ByteDance 45 days to talk about the acquisition. The deal which was anticipated to run into tens of billions at the moment, didn’t materialize.

READ ALSO  See photos and details of the $400 million super-yacht rumored to belong to Jeff Bezos

TikTok is believed to have round one billion customers worldwide together with greater than 100 million within the United States. The agency has insisted it will by no means present consumer knowledge to the Chinese authorities.

The information of Zhang’s resignation additionally comes as Beijing clamps down on the unprecedented affect of some of China’s large tech corporations.

E-commerce big Alibaba was fined 18.2 billion yuan ($2.78 billion) final month as half of a push by regulators to curtail the dominant powers of the tech giants.

As Alibaba’s issues mounted, its founder Jack Ma has been unusually absent from the highlight after hypothesis that brash feedback by him to regulators introduced the hammer down on his agency.

READ ALSO  Billionaire investor, Warren Buffett resigns from Bill and Melinda Gates Foundation

Bytedance, the multinational web expertise company  was amongst 34 tech corporations summoned by regulators in April that had been instructed to endure “complete rectification” and “heed the warning” of Alibaba.

ByteDance now has greater than 60,000 workers in 30 international locations and final 12 months Zhang mentioned they had been trying to recruit round 40,000 extra.