TikTok proprietor ByteDance dissolves its funding arm

TikTok logos can be seen on smartphones in front of a displayed ByteDance logo in this image dated November 27, 2019.

Given Ruvic | Reuters

BEIJING — TikTok owner ByteDance has wound up its investment division, a company spokesman told CNBC on Wednesday.

After an evaluation earlier this year, ByteDance decided to “strengthen the focus of the business, reduce low-related (core business) investments and redistribute staff from the strategic investment department to different lines of business,” the spokesman said in one of CNBC translated statement in Chinese.

The move “strengthens the coordination between strategic research and the business,” the company said.

The news comes as ByteDance is undergoing restructuring since its founder Zhang Yiming stepped down as chairman in the fall.

ByteDance is the world’s largest startup, valued at $140 billion, according to CB Insights.

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