Zhang Yiming, the founder of ByteDance has stepped down as chairman of TikTok after announcing he would step down as CEO in May, a person with direct knowledge of the matter told Reuters.

New CEO Liang Rubo has taken over as chairman of the company's five-person board, which also includes General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, the person said, adding that the decision was made this year.

Also Read |&nbsp;<a href="https://www.wionews.com/world/china-lambasts-us-for-backpedalling-on-climate-policies-after-biden-chided-jinping-426346">China lambasts US for 'backpedalling' on climate policies after Biden chided Jinping</a>

It was not immediately clear when Zhang relinquished the chairman title and whether there have been any changes to his more than 50 per cent&nbsp;voting rights at the company.

ByteDance said in May that Zhang would move to a "key strategy" position at the end of the year. The person said that plan was unchanged. ByteDance did not immediately respond to a request for comment.

Zhang's surprise announcement in May saw his college roommate and co-founder Liang take the lead in navigating the company through a rising wave of new regulations targeting Big Tech.

The move comes after the company on Tuesday announced a major organisational reshuffle at ByteDance to create six business units. It also said that TikTok CEO Shou Zi Chew would step down as its parent ByteDance's chief financial officer (CFO) to focus on running the short video platform full time.

Also Read |<a href="https://www.wionews.com/world/china-opposes-us-revocation-of-china-telecom-licence-426306">&nbsp;China opposes US revocation of China Telecom licence</a>

A number of founders at some of China's most well-known tech companies have in recent months given up overseeing daily operations amid a wide-ranging clampdown by Chinese regulators on large swathes of the economy.

Last week, short-video apps owner Kuaishou said its co-founder, Su Hua, had stepped down as CEO.&nbsp;E-commerce company Pinduoduo founder Huang Zheng also stepped down as chairman this year, having earlier relinquished his CEO title. Alibaba founder Jack Ma retired as chairman of the e-commerce giant in 2019.

Zhang Yiming, the founder of ByteDance has stepped down as chairman of TikTok after announcing he would step down as CEO in May, a person with direct knowledge of the matter told Reuters.

Zhang Yiming, the founder of ByteDance has stepped down as chairman of TikTok after announcing he would step down as CEO in May, a person with direct knowledge of the matter told Reuters. New CEO Liang Rubo has taken over as chairman of the company's five-person board, which also includes General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, the person said, adding that the decision was made this year. Also Read | China lambasts US for 'backpedalling' on climate policies after Biden chided Jinping It was not immediately clear when Zhang relinquished the chairman title and whether there have been any changes to his more than 50 per cent voting rights at the company. ByteDance said in May that Zhang would move to a "key strategy" position at the end of the year. The person said that plan was unchanged. ByteDance did not immediately respond to a request for comment. Zhang's surprise announcement in May saw his college roommate and co-founder Liang take the lead in navigating the company through a rising wave of new regulations targeting Big Tech. The move comes after the company on Tuesday announced a major organisational reshuffle at ByteDance to create six business units. It also said that TikTok CEO Shou Zi Chew would step down as its parent ByteDance's chief financial officer (CFO) to focus on running the short video platform full time. Also Read | China opposes US revocation of China Telecom licence A number of founders at some of China's most well-known tech companies have in recent months given up overseeing daily operations amid a wide-ranging clampdown by Chinese regulators on large swathes of the economy. Last week, short-video apps owner Kuaishou said its co-founder, Su Hua, had stepped down as CEO. E-commerce company Pinduoduo founder Huang Zheng also stepped down as chairman this year, having earlier relinquished his CEO title. Alibaba founder Jack Ma retired as chairman of the e-commerce giant in 2019.

ByteDance founder Zhang Yiming steps down as chairman, leaves board: Source

In the latest shake up, ByteDance founder Zhang Yiming has stepped down as chairman of the company, which owns TikTok, said a report by Reuters citing a person with knowledge of the matter. Yiming had said in May that he would step down as CEO. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/facebook-ceo-mark-zuckerberg-should-step-down-says-whistleblower-frances-haugen-426037" hreflang="en">Facebook CEO Mark Zuckerberg should step down, says whistleblower Frances Haugen</a>

Liang Rubo, who is the new CEO, has taken over as chairman of the company's five-person board. The board also includes General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, the person said. The decision was made this year, added the source. &nbsp;

It seems to be unclear that why and when this change of guard occurred. And will these changes affect&nbsp;Yiming's&nbsp;more than 50% voting rights at the firm. Several questions like these are yet to be answered. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/meet-me-on-earth-or-in-space-wfp-chief-fires-new-tweet-at-elon-musk-426140" hreflang="en">Meet me on Earth or in space: WFP chief fires new tweet at Elon Musk</a>

In May, ByteDance had announced that Zhang would move to a "key strategy" position at the end of the year. The source said that plan was unchanged. &nbsp;&nbsp;

The surprise announcement of Zhang saw his college roommate and co-founder Liang take the lead in navigating the company through a rising wave of new government regulations targeting big tech companies. &nbsp;

(With inputs from agencies)&nbsp;

In the latest shake up, ByteDance founder Zhang Yiming has stepped down as chairman of the company, which owns TikTok, said a report by Reuters citing a person with knowledge of the matter.

In the latest shake up, ByteDance founder Zhang Yiming has stepped down as chairman of the company, which owns TikTok, said a report by Reuters citing a person with knowledge of the matter. Yiming had said in May that he would step down as CEO. Also Read: Facebook CEO Mark Zuckerberg should step down, says whistleblower Frances Haugen Liang Rubo, who is the new CEO, has taken over as chairman of the company's five-person board. The board also includes General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, the person said. The decision was made this year, added the source. It seems to be unclear that why and when this change of guard occurred. And will these changes affect Yiming's more than 50% voting rights at the firm. Several questions like these are yet to be answered. Also Read | Meet me on Earth or in space: WFP chief fires new tweet at Elon Musk In May, ByteDance had announced that Zhang would move to a "key strategy" position at the end of the year. The source said that plan was unchanged. The surprise announcement of Zhang saw his college roommate and co-founder Liang take the lead in navigating the company through a rising wave of new government regulations targeting big tech companies. (With inputs from agencies)

In shake up at ByteDance, founder Zhang Yiming steps down as chairman: Report   

India's decision to ban TikTok spelled the downfall of the Chinese social media giant. Three developed nations took notice of India's move. They are mulling similar measures. WION's Palki Sharma tells you how India's move has triggered a backlash against the Chinese tech ecosystem.

Gravitas: India's TikTok ban spells its global fall

These are troubled times for Bytedance Founder Zhang Yiming. His biggest creation TikTok - is facing a backlash. At home, Zhang is being labelled as a traitor for the decision to sell TikTok's US operations.

Gravitas: Troubled times for TikTok's founder | App banned abroad, slammed in China as 'Traitor'

The founder of Bytedance, which owns social media giant TikTok, said Monday his teams were working around-the-clock "for the best outcome" as talks on the sale of its US operation to Microsoft continue, Chinese media reported.

The founder of Bytedance, which owns social media giant TikTok, said Monday his teams were working around-the-clock "for the best outcome" as talks on the sale of its US operation to Microsoft continue, Chinese media reported. TikTok, popular in the United States and widely used by young people who create, share and watch short videos on the platform -- is the latest target in a wide-ranging trade war between Beijing and Washington. Also read: TikTok owners may relocate to London from Beijing, Sun newspaper claims The US government has said the Chinese-owned company is a national security threat -- allegations that TikTok denies. "In the current environment, we faced the real possibility of a forced sale of TikTok's US business... or an executive order banning the app," ByteDance founder Zhang Yiming wrote in a message to all the company's staff, tech news outlet Pandaily reported. "While we encounter mounting complexities across the geopolitical landscape and significant external pressure, our response teams have been working around-the-clock and giving up their weekends over the past few weeks to ensure the best possible outcome". Microsoft said Sunday it would continue talks to buy the US operations of TikTok, which has an estimated one billion users worldwide. The tech giant added it aimed to wrap up discussions "no later than September 15." Also read | Microsoft confirms exploring buying TikTok in US after Trump and Nadella talk President Donald Trump said last week he would ban the app, but since appears to have backed away from the threat, which caused great concern for US users -- particularly content creators who make money on the platform. Many have posted links to their Instagram or YouTube accounts to avoid losing followers if the platform is ultimately blocked. Zhang said he disagreed with forcing TikTok to offload its US service. "We have always been committed to ensuring user data security, as well as the platform neutrality and transparency," he said. "Given the current circumstances, we must also confront the CFIUS (Committee on Foreign Investment in the United States) decision and the executive order of the President of the United States, without giving up exploring any possibilities."

'Real possibility of forced sale of TikTok's US business': Founder Zhang Yiming

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ByteDance founder Zhang Yiming steps down as chairman, leaves board: Source

In shake up at ByteDance, founder Zhang Yiming steps down as chairman: Report

Gravitas: India's TikTok ban spells its global fall

Gravitas: Troubled times for TikTok's founder | App banned abroad, slammed in China as 'Traitor'

'Real possibility of forced sale of TikTok's US business': Founder Zhang Yiming