ByteDance slashes investment arm as deal curbs chill China tech

TikTok’s owner is dissolving the internal venture capital and investing team that makes bets on promising startups, according to sources. (his file photo taken on August 5, 2020 shows an employee walking outside the headquarters of ByteDance, the owner of video sharing app TikTok, in Beijing.)

BEIJING: ByteDance Ltd has downsized its powerful investment arm, anticipating China will soon tighten curbs on the prolific deal-making that turbocharged the growth of the countrys largest Internet companies.

TikTok’s owner is dissolving the internal venture capital and investing team that makes bets on promising startups, according to sources.