After an assessment at the beginning of the year, ByteDance decided to"strengthen the focus of the business, reduce investments with low connection and disperse employees from the strategic investment department to various lines of business," the spokesperson said in a Chinese-language statement translated by CNBC.
The news comes as ByteDance is undergoing restructuring since its founder Zhang Yiming stepped down as chairman in the fall. BEIJING — TikTok owner ByteDance has disbanded its investment department, a company spokesperson told CNBC on Wednesday.
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