The founder of TikTok’s Chinese owner has said he will give up his job as CEO to focus on longer-term initiatives. Zhang Yiming said Liang Rubo, a co-founder, will succeed him as ByteDance CEO. The company said last year that TikTok had 700 million users globally. The Trump administration’s plan called for ByteDance to be required to sell TikTok’s US arm to the software maker Oracle and retailer Walmart. The Biden administration, which took office in January, suspended that while it reviewed potential security threats posed by Chinese tech companies.

Source: Irish Independent May 20, 2021 12:11 UTC