ByteDance, owner of TikTok and Moonton, splits into six business units.

Apparently, the company has no plans to become public via IPO.

Bytedance is a company that owns TikTok and Moonton, which has created the Southeast Asia-popular MOBA game Mobile Legends. After its founder Zhang Yiming announced that he is stepping down as the CEO. In his place, Liang would become the CEO which would become effective next month.

Shou Zi Chew, the current CEO of TikTok, will be stepping down as the CFO of Bytedance in order to focus more on the popular short-video hosting social media app. The reason why Chew stepped down from the CFO position is that, in April, the company announced that it had no current plans to become public via IPO. However, the company did look for a listing in Hong Kong and New York, according to a report from Reuters.

Bytedance will also reorganize itself into six companies. The first two being TikTok and the Chinese version of it called Douyin. Others include Lark, a “work collaboration” division, BytePlus a business service division, Dali Education a learning tool, and finally, Nuverse, a gaming division that also holds Moonton.

The company also announced plans to expand into e-commerce globally, potentially competing with sites like Alibaba.

TikTok has 1 Billion users worldwide and the company is currently valued at $300 billion.

Source: Reuters