ByteDance founder Zhang Yiming has resigned from his position as head of the group at TikTok, following the recent collapse of a Chinese religious leader when Beijing fell from the market.
Zhang, 38, founded ByteDance about a decade ago, forcing a Beijing-based group to launch a number of programs including TikTok and its Chinese sister Douyin. He also ran the company for a while Conflicts between US-China.
ByteDance says Zhang will step down at the end of the year, and will be replaced by co-founder and community manager Liang Rubo.
This change comes as a company mulls original public offering, and its shares have recently sold hands at over $ 200bn in business markets, according to people familiar with the matter.
“Since the beginning of this year, I’ve been thinking a lot about how to manage what’s going on in the long run, which not only depends on progress, but more,” Zhang wrote in a blog post.
Zhang said he would remain at the company at all times, but would work on “long-term experiments” and help “drive new ones, using my most powerful learning skills”.
“I don’t have any other skills that make for good managers,” Zhang wrote. “I am very interested in corporate and market analysis,” he added, adding that he was “not very friendly” and enjoyed “personal things such as being online, reading, listening to music, and daydreaming”.
His resignation came as the Chinese company began beating the rules, followed by another release from leading companies.
Chinese officials in November stopped the initial fee to pay $ 37bn of fintech Ant Group, which would be the largest market on the retail market, at the end.
Alibaba branch union was paid a fine of $ 2.8bn last month when managers found out it had plagued their market.
Jack Ma, the founder of both companies, has them it does not appear in public since criticizing Chinese government officials and banks for speaking in Shanghai late last year.
Additional reports of Nian Liu in Beijing