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

Liang will oversee the finance of ByteDance, allowing Chew Shou Zi to relinquish the role to focus on Tiktok unit. The remainder of ByteDance’s operations will be reorganised into business units, according to a memo to staff obtained by South China Morning Post. — SCMP

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) Chew Shou Zi to relinquish his finance role to focus on his job as chief executive of TikTok, 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.