ByteDance revenues soar as founder steps back

The founder of TikTok-owner ByteDance is stepping back from the front line.

At a meeting Thursday (June 17), Zhang Yiming told staff that he was already dropping daily duties as chief executive, and working at a less intense pace.

That's according to people who attended.

Last month Zhang unexpectedly announced that he would step down as CEO, saying he lacked the social skills to be a good manager.

His former college roommate Liang Rubo will take over.

The surprise move comes even as ByteDance booms.

At the Thursday staff meeting the company said revenue more than doubled in 2020, hitting $34.3 billion.

Gross profit hit $19 billion.

ByteDance wouldn't comment on the figures, or Zhang's remarks.

The founder says he's now focusing on strategy, and studying how other firms work.

But Zhang remains chairman, and has absolute voting power at the company.

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