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1/19, 11:17 AM (Source: TeleTrader)
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ByteDance closes investment unit

ByteDance Ltd. revealed on Wednesday that it will "disperse the employees of the strategic investment department into various business lines" as part of the company's ongoing restructuring efforts.

The Chinese owner of the TikTok video platform added it had "conducted an inventory and analysis of its business at the beginning of the year, and decided to strengthen its business focus, reduce investments with low synergy" and "strengthen strategic research functions and business cooperation."

The move follows local media reports of new government regulations on corporate investment and financing that are expected to be announced soon.

Baha Breaking News (BBN) / MS