The ex CEO of TikTok, Alex Zhu is reportedly working aggressively on exploring new investment options for the parent company, ByteDance. Alex Zhu is the co-founder of Musical.ly app, taken over by Bytedance for a massive 1 Billion dollar investment and then renamed as TikTok.
Reportedly ByteDance has assigned Zhu to invest in new companies on its part and find the most promising technology firms where the Chines tech giant can procure equity funds.
Alex Zhu Investing on Behalf of ByteDance
Recently TikTok assigned the role of Global CEO to Kevin Mayer, after which Zhu overtook the position of Vice President Product and Strategy for Bytedance. It was said that Zhu would take care of the product designing and strategy in the company with no details on his investing responsibilities. However, Bytedance revealed through its spokesperson on CNBC that Zhu would take care of the company’s investments within the capacity of his role.
Getting away from Chinese roots
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Strategically the Video Sharing App Tiktok is distancing itself from its Chinese Parent company in the wake of the increased contradictions and scrutiny in the global markets. Many countries have raised concerns over the Chinese apps peaking in sensitive information and personal user data, which may be a threat to national security. India has already banned TikTok a few weeks back, the US has hinted on a prospective ban in the coming days.
TikTok pulled in HongKong
Earlier due to HongKong unrest, TikTok stopped operations in the country after the Chinese government imposed strict laws giving police and government increased control in Hongkong.
ByteDance aggressively investing in firms
As per a report by Crunchbase, ByteDance has actively invested in more than 21 Startups to boost its capabilities. With aggressive investments across countries, ByteDance reportedly plans to capture considerable market share. While Chinese identity for the firm can be disadvantageous at present due to current global disharmony between China and other countries, TikTok is still one of the most popular apps.