Bytedance billionaire CEO to leave post to ‘read and daydream’

Zhang, the Chinese billionaire CEO of Bytedance, the makers of video app TikTok, said he will leave the role because he lacks managerial skills and preferred ‘reading and daydreaming’ to running the tech giant. — AFP

BEIJING: The Chinese tycoon boss of TikTok parent Bytedance said on May 20 that he will leave the role because he lacks managerial skills and preferred “reading and daydreaming” to running the tech giant.

Beijing has tightened the screws on China’s booming tech sector, levying fines – including on Bytedance last month – for allegedly flouting monopoly rules, and issuing stark warnings to the coterie of billionaire digital bosses about their responsibilities to society.