TikTok owner ByteDance bids farewell to ‘boundless’ expansion as Beijing tightens grip on Big Tech

News Snapshot:

TikTok owner ByteDance’s sweeping corporate restructuring , announced earlier this week, will put an end to the company’s aggressive expansion and herald a new era of consolidation for the world’s most valuable unicorn, said analysts. The reorganisation will see ByteDance divide its sprawling algorithm-driven business into six units, two of them consisting of TikTok and its Chinese sibling Douyin. Chew Shou Zi, the former Xiaomi executive who was appointed TikTok’s CEO in May, will relinquish his dual role as ByteDance’s finance chief to focus on TikTok. The other four units will be work collaboration unit Lark, business service unit BytePlus,...