News Snapshot:
China tech giant ByteDance has announced the closure of its strategic investment unit. The move, the latest in an ongoing restructuring for the owner of globally popular social app TikTok and its Chinese equivalent Douyin, is another result of Beijing’s campaign to bring the Chinese tech industry to heel. ByteDance says the decision is part of its plan to “strengthen the focus of the business, reduce investments with low connection (to the main business) and disperse employees from the strategic investment department to various lines of business,” according to a public statement translated by CNBC . The closure of the...
