TikTok owner ByteDance reorganises strategic investment team

FILE PHOTO: The ByteDance logo is seen in this illustration taken, Nov. 27, 2019. REUTERS/Dado Ruvic/Illustration

BEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with "low synergies".

ByteDance will disband its group-level strategic investment team and move employees to the six business units, including TikTok and its Chinese version Douyin, that it created in October in a major organisational reshuffle.