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Samreen Ahmad · · 1 min readByteDance founder gives up corporate roles in three affiliated firms
“ByteDance founder Zhang Yiming, the Chinese entrepreneur who is one of the world’s wealthiest billionaires under 40, has resigned as legal representative of at least three affiliated companies, months after announcing he would step down as chief executive of the country’s biggest tech unicorn at the end of this year,” South China Morning Post (SCMP) report.
Details:
- Yiming relinquished his role as legal representative of Tianjin Tongrong E-commerce Co, Tianjin ByteDance Management Consulting Co, and Tianjin ByteDance Haihe Management Consulting Co.
- In May this year, Yiming had announced that he was giving up day-to-day responsibilities as CEO in a bid to focus on “longer-term initiatives.”
Dive deeper:
- Having a low profile could be helpful for the young entrepreneur as Beijing has intensified its crackdown on the country’s technology sector, according to the SCMP report.
- China’s regulators in April hauled in 34 of the country’s largest technology companies, including ByteDance, Alibaba, and Tencent for a haranguing in its crackdown against big tech.
Editing by Kul Bhushan
(And yes, we’re serious about ethics and transparency. More information here.)
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