ByteDance founder Zhang Yiming steps down as chairman: reports

Earlier Tuesday, ByteDance introduced a plan to restructure the corporate into six enterprise segments. As a part of that reshuffling, the Wall Avenue Journal reported ByteDance Chief Financial Officer Shou Zi Chew would step down to give attention to his function as CEO of TikTok.

Zhang, 38, is the newest Chinese language billionaire to step away from the corporate they based, as China’s authorities tightens its grip on internet companies. Pinduoduo Inc.’s 
PDD,
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 founder and chairman, Colin Huang, stepped down from the company in March, JD.com
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founder and CEO Richard Liu stepped back from day-to-day handling of the company in September, and Kuaishou Know-how co-founder and CEO  Su Hua similarly stepped back last week.

Beijing-based ByteDance was fashioned in 2012, and its smash hit app, TikTok, has almost 700 million month-to-month customers. Privately held ByteDance was valued at $140 billion as of its final funding spherical, however according to Bloomberg News was privately valued round $250 billion earlier this 12 months.

Bloomberg’s Billionaires Index ranks Zhang the 31st wealthiest person in the world, with a fortune value about $44.5 billion.