Several notable Hip-Hop artists have reflected on their financial come-ups during the pandemic, but no person or entity probably experienced the massive increase in support as TikTok. The novel social media platform was founded in 2016, but it became one of the most popular apps during 2020, even prompting the ire of former President Donald Trump.

Despite the company's mind-blowing success, the CEO and founder of ByteDance — the Chinese tech startup that owns TikTok — has reportedly decided to relinquish the role of chief executive officer. According to The Verge, Zhang Yiming has announced that he is stepping down from "the world’s most valuable startup" and will move to another position within the company. 

Zhang Yiming, chief executive officer and founder of Bytedance Ltd., poses for a photograph in Beijing, China, on Thursday, April 11, 2019. Zhang is worth about $13 billion, according to the Bloomberg Billionaires Index, making him China's 9th-richest person and one of the fastest in modern times to amass a mega-fortune.
Gilles Sabrie/Bloomberg/Getty Images

In a statement released to ByteDance's official website, Zhang reflects on his decision and offered insight as to why he wanted to make the switch to another role within his company. 

"Since the beginning of this year, I've spent a lot of time thinking about how to better drive real long-term breakthroughs," Zhang writes. "I worry I am still relying too much on the ideas I had before starting the company, and haven’t challenged myself by updating those concepts."

Touching on his personal shortcomings, Zhang continues, "I think someone else can better drive progress through areas like improved daily management. The truth is, I lack some of the skills that make an ideal manager. I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people."

"Similarly, I’m not very social," Zhang reveals. "[I prefer] solitary activities like being online, reading, listening to music, and daydreaming about what may be possible."

While Zhang's next role at ByteDance has not yet been revealed, Zhang's fellow co-founder Liang Rubo will transition from HR to assume the CEO position.

[via]