Inside Apple’s Decision to Blow Up the Digital Ads Business Read Now

ByteDance headquarters in Beijing. Photo by AP; illustration by Mike Sullivan
Venture Capital Asia Startups

Beijing Tightens Grip on ByteDance by Quietly Taking Stake, China Board Seat

Photo: ByteDance headquarters in Beijing. Photo by AP; illustration by Mike Sullivan

For months, China has sought to bring its bustling internet sector to heel with an intensifying series of antitrust crackdowns and data security probes. In one example that hasn’t been previously reported, the Chinese government in April quietly took a stake and a board seat in TikTok owner ByteDance’s key Chinese entity, according to corporate records and people with knowledge of the matter.

The move gives Beijing more insight into the inner workings of ByteDance, the world’s most valuable privately held tech company, which owns some of the most popular apps in China, such as Douyin and Toutiao, along with TikTok. The government’s right to one seat on a three-person board of directors at Beijing ByteDance Technology Co. Ltd., which holds Chinese business licenses related to Douyin and Toutiao, raises questions about how much more influence Beijing can exert over ByteDance as a whole.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
Crypto Global Crypto
FTX Ventures’ Amy Wu on Startup Valuations and Rate Hikes; Stellar Foundation Backs Early Stage Startups
Amy Wu, Head of FTX Ventures. Photo by FTX Ventures. Art by Akash Pasricha.
The Federal Reserve is expected to raise the federal funds target rate this week by a quarter percentage point, from 0%-0.25%, and major banks have forecast it will steadily raise rates to as high as 2% this year. One way of valuing companies, using discounted cash flows, suggests these rising rates should compress private valuations even among crypto startups, because they make startups’ cost...
Latest Briefs
GoTo Plans Indonesia IPO Valuing Ride Hailing and E-Commerce Firm at $29 Billion
Foxconn in Talks to Build $9 Billion Factory in Saudi Arabia
Microsoft Researchers Mark Milestone In Long Road To Quantum Computing
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
From left: Apple's Tim Cook, Erik Neuenschwander, Craig Federighi, Eddy Cue and Phil Schiller. Photos by Bloomberg. Art by Mike Sullivan
Exclusive Facebook Apple
Inside Apple’s Decision to Blow Up the Digital Ads Business
For years, Apple CEO Tim Cook has been the most vocal privacy champion among all of big tech’s top leaders.
Photograph by Bloomberg. Art by Mike Sullivan.
The Big Read
The Other Sunny Balwani
It was a spring day in 2018 outside the Newark, Calif., campus of Theranos. Within months, the company’s founder, Elizabeth Holmes, and its president, Ramesh “Sunny” Balwani, would face felony charges of conspiracy and fraud and the doomed blood diagnostics company they built together would become a Silicon Valley morality tale.
Workers from Instacart, the same-day grocery delivery service, receive instructions at a grocery store. Photo by AP.
Fidelity, T. Rowe Mark Down Instacart Stake by Up to 18%
Some large investors in Instacart have marked down the value of their stakes in the privately held grocery-delivery company by as much as 18% since it raised funds a year ago at a $39 billion post-investment valuation, previously unreported figures show.
Disney CEO Bob Chapek. Photo by AP
Exclusive Media/Telecom Entertainment
Bob Chapek is Finally Pushing Disney Out of its Comfort Zone
Bob Iger only left the building at Walt Disney Co.’s headquarters at the end of December, and his successor as CEO, Bob Chapek, is already doing things differently.
Love co-founders Ashwath Rajan, Ryan Breslow and JR Rahn. Photo by Julian Buitrago
Exclusive Crypto Venture Capital
Bolt’s Breslow Teams With Psychedelics Founder on Crypto Pharma Startup
Bolt co-founder Ryan Breslow, who stepped down as the e-commerce software startup’s CEO after publishing a Twitter rant aimed at powerful Silicon Valley institutions, is taking another stab at startup leadership.
Illustration by Jesus Escudero.
How NFTs Are Fueling a Sports Memorabilia Boom
Timur Celikel, a 39-year-old software engineer in San Diego, isn’t much of a sports fan. In his youth, he followed the Padres a bit, and he still has some boxes of baseball cards collecting dust in storage.