ByteDance to carve out TikTok as world’s sole hectocorn splits into six units, delineating China businesses…

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ByteDance will separate out its worldwide social media phenomenon TikTok into a stand-alone business unit, as chief executive Liang Rubo’s overhaul of the world’s most valuable technology unicorn into six parts after founder Zhang Yiming decided to take a back-seat role . Liang will oversee the finance of ByteDance, allowing chief financial officer (CFO) Chow Sou Zi to step down as CFO and focus on the video-based social network service and expand it into a technological platform, including such businesses as e-commerce, according to a memo to staff obtained by South China Morning Post . Beijing-based ByteDance, the world’s first...