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ByteDance Releases First Public Update to Corporate Structure Since 2020

ByteDance, the parent company of popular social media app TikTok, has released its first public update to its corporate structure since 2020. The update comes ahead of a grilling of TikTok CEO Kevin Mayer by U.S. lawmakers over the company’s ties to China.

The update, which was announced on Monday, includes the creation of a new holding company, ByteDance Global, which will be based in the Cayman Islands. The new company will be responsible for managing all of ByteDance’s global operations, including those in the U.S. and Europe.

The move is seen as an attempt by ByteDance to distance itself from its Chinese parent company and to address concerns from U.S. lawmakers about the company’s ties to China. It also comes as the U.S. government is considering new restrictions on TikTok and other Chinese-owned apps.

The update also includes the creation of a new board of directors for ByteDance Global, which will be chaired by former Google executive David Lawee. Lawee will be joined on the board by other executives from Google, Microsoft, and other tech companies.

The move is seen as an attempt by ByteDance to show that it is taking steps to address the concerns of U.S. lawmakers and to demonstrate that it is a global company, not just a Chinese one.

The update comes ahead of a hearing on Tuesday in which Mayer is set to testify before the U.S. Senate Judiciary Committee about the company’s ties to China. Mayer is expected to be grilled by lawmakers over the company’s data collection practices and its relationship with the Chinese government.

The hearing is part of an ongoing investigation by the U.S. government into the security of TikTok and other Chinese-owned apps.

In summary, ByteDance, the parent company of TikTok, has released its first public update to its corporate structure since 2020. The update comes ahead of a grilling of TikTok CEO Kevin Mayer by U.S. lawmakers over the company’s ties to China. The update includes the creation of a new holding company, ByteDance Global, and a new board of directors, which is chaired by former Google executive David Lawee. The move is seen as an attempt by ByteDance to distance itself from its Chinese parent company and to address concerns from U.S. lawmakers about the company’s ties to China. #ByteDance #TikTok #China #USLawmakers #KevinMayer #DavidLawee