TikTok owner ByteDance boosts investment in Roblox-like video game platform in race with Tencent to create the metaverse | South China Morning Post

ByteDance , owner of the short-video app TikTok , has increased its investment in Roblox competitor Reworld by nearly 100 million yuan (US$15.3 million), according to people familiar with the matter, as the company seeks its own so-called metaverse platform in its escalating rivalry with video game giant Tencent Holdings . With the new investment, Reworld added ByteDance's head of gaming Yan Shou to its board of directors, awarding him an undisclosed number of shares, according to Tianyancha and Qichacha, Chinese platforms that track public registrations of Chinese businesses. ByteDance had previously invested US$43 million in Reworld. Like Roblox, Reworld…