Billionaire CEO Who Helped TikTok Go Viral Steps Down, Says ‘I’m Not Very Social’
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The CEO of TikTok's parent company, ByteDance, announced this week he is stepping down from the position, saying he lacks "some of the skills that make an ideal manager."
Zhang Yiming, who co-founded ByteDance nine years ago, announced the decision to employees in a letter made public on the company's website this week. In it, he said ByteDance's co-founder and current HR head Liang Rubo will take over as CEO.
"Since the beginning of this year, I've spent a lot of time thinking about how to better drive real long-term breakthroughs," Zhang wrote in the letter.
The 38-year-old — who has a net worth exceeding $44 billion, according to Bloomberg — said he was more interested in reducing management work, not managing.
"I think someone else can better drive progress through areas like improved daily management," he said. "I'm not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible."
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Zhang and Liang's transition process will be completed by the end of the year, the company said.
According to CNN, Zhang helped to turn ByteDance into ail digital powerhouse due to a number of acquisitions. Most notably, the company bought the lip-syncing app, Musical.ly, and merged it with TikTok. The latter exploded on app charts across the globe thanks to viral dances and other short-form video content.
TikTok — which still goes by its original name, Douyin, in China — reportedly has more than 100 million users in the U.S. alone.
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"A few years ago, I posted on social media: 'The meaning of travel lies in switching time and space, which helps you observe others' lives in a new environment as a stranger, and reflect on yourself and your life with a detached eye,'" Zhang said in his letter to employees. "After handing over my role as CEO, and removing myself from the responsibilities of daily management, I will have the space to explore long-term strategies, organizational culture and social responsibility, with a more objective perspective on the company."
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"In our 2012 business plan, I told the team that the most rewarding thing about building a company is being able to enjoy the journey together," he added. "I look forward to this new phase and continuing our voyage together!"
