News Snapshot:
ByteDance executive Louis Yang Luyu, co-founder of lip-synch video app Musical.ly that was absorbed by TikTok in 2018, has quit the world’s most valuable unicorn amid a sweeping corporate restructuring that has put an end to the company’s aggressive expansion plans. Yang, who was involved in the TikTok owner’s move into the education business under its Dali unit , left the company last week, according to Chinese media LatePost on Thursday. Yang’s account on Feishu, the corporate collaboration tool of ByteDance, has been “suspended”, which indicates the user was not working, according to three employees with knowledge of the matter...
