ByteDance is disbanding its investment team as Chinese regulators step up antitrust scrutiny of the country’s tech giants.
The company behind short video app TikTok said it had reviewed and taken stock of its various business lines at the start of the year and decided to strengthen its focus and “cut down investing with low synergies”.
Members of ByteDance’s investment team will be scattered throughout the organisation to “strengthen the strategic research functions co-ordination with our business”, the company said.
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