ByteDance hires thousands to challenge e-commerce king Alibaba

BEIJING (Bloomberg): Zhang Yiming built ByteDance Ltd into the world’s most valuable private company via a string of blockbuster apps like TikTok that challenged Facebook and other incumbents on their own turf. His latest target: Alibaba.

The 38-year-old AI coding genius, searching for ByteDance’s next big act, has set his sights on China’s US$1.7 trillion e-commerce arena.

The co-founder has hired thousands of staff and roped in big-name sponsors like Xiaomi Corp. impresario Lei Jun to drive what he calls his next "major breakthrough” into global business -- selling stuff to consumers via its addictive short videos and livestreams.

That endeavour will test not just Zhang’s magic touch with app creation and ByteDance’s AI wizardry, but also investor reception ahead of one of the tech world’s most hotly anticipated IPOs.