News Snapshot:
The move by the founder of TikTok’s parent company to step down as chief executive makes him the latest in a series of Chinese internet entrepreneurs to leave the spotlight as authorities tighten the reins on the nation’s tech giants. ByteDance Ltd., one of the world’s most valuable closely held tech companies, said Thursday that CEO Zhang Yiming, an engineer by training, would step aside to focus on long-term strategy. Co-founder Liang Rubo was appointed as his successor. The departure of Mr. Zhang, 38, the largest single shareholder in a company valued in December at $180 billion, follows the resignations...
