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TikTok Boss Quits After Amassing $44bn Fortune From Controversial App

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One of the billionaire brainboxes behind TikTok is stepping down as Chief Executive Officer (CEO) of ByteDance, the Chinese company that owns the hit video app.

Zhang Yiming, 38, said he will leave the role because he lacks managerial skills and preferred “reading and daydreaming” to running the tech giant.

He bows out with a net worth of $44.5billion, according to Bloomberg, placing him 31st on a list of the world’s richest people.

It follows a crackdown on China’s booming tech sector by Beijing, which has levied heavy fines — including on Bytedance last month — for allegedly flouting monopoly rules.

Political leaders have also issued warnings to companies’ billionaire digital bosses about their responsibilities to society.

Zhang leaves the task of navigating tightening regulations on Big Tech worldwide to college roommate, long-time colleague and current human resources head Liang Rubo.

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In an employee memo on Thursday, Zhang said the change would “enable me to have greater impact on longer-term initiatives.”

He will move to a “key strategy” position at the end of the year, ByteDance said in a statement.

Zhang, who did not address his role as chairman, in the memo called Liang “an invaluable partner” with “strengths in management, organization, and social engagement.”

ByteDance’s biggest management shake-up since its launch in 2012 comes less than a month after its chief financial officer, Shouzi Chew, became CEO of flagship short-video app TikTok.

TikTok is one of the world's most popular apps

It also comes as Chinese regulators increase scrutiny of the country’s biggest technology firms.

In April, they slapped e-commerce giant Alibaba with a $2.8billion fine for anti-competitive practices, and last year suspended fintech affiliate Ant Group’s initial public offering.

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Anti-trust regulators have also told Tencent they are preparing to fine the gaming giant as much as $1.55billion.

Zhang, who turned ByteDance into a social media force, in the memo said he was not a social person and lacked the skills of an ideal manager.

He also blamed the day-to-day challenges of a CEO as being a hurdle to research and innovation.

“I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people,” Zhang wrote in the memo.

“Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible.”

Zhang owns 20 per cent to 30 per cent of ByteDance and holds over 50 per cent of voting rights.

 

Source: Ghanaarticles.com/thesun.co.uk

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African Trends

Mara Wallet: The Cool New Way To Begin Your Crypto Journey

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Mara, a pan-African company that offers an ever-expanding suite of crypto products, has announced the pre-launch of the Mara Wallet, a portal to the cryptoeconomy focused on helping people begin their journey towards conveniently managing their crypto-finance needs, take a major step toward financial freedom, and learn more about cryptocurrency and blockchain in Africa.

 

The Mara Wallet is a fast and secure multi-currency crypto wallet that gives Africans control over their cryptocurrency. Offering both user-facing products and core infrastructure, Mara reveals a product roadmap that enables users to easily buy, sell, send, withdraw, store, and protect a wide range of fiat and crypto-assets (such as cryptocurrencies and NFTs) in real time and without any prior crypto knowledge.

“At Mara, we are committed to the financial empowerment of the individuals that use our products and services to meet their various crypto-finance needs, and take responsibility in building an informed community seriously,” Chi Nnadi, Co-Founder and CEO at Mara, said while commenting on the pre-launch of the Mara Wallet. “As one of our first steps to achieve crypto education, financial literacy, and ensuring a more equitable distribution of capital, we are delighted to pre-launch the Mara Wallet. Our goal is to get Sub-Saharan individuals started on their journey to leverage a financial infrastructure that they can build their lives upon and make the most of the financial-growth opportunities available in the cryptoeconomy.”


 

The Mara Wallet waitlist, which is the core mechanic of the pre-launch app, is aimed at crypto-curious and crypto-enthusiast users alike who seek early access to the exchange. Through it they will unlock financial rewards that give users the perfect jumpstart into the #cryptoeconomy.

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While describing how the Mara Wallet waitlist works, Chi added, “Pre-registered users will join a queue to enable early access on a first-come, first-served basis. Moreover, a higher position on the waitlist increases the odds of periodically winning prizes. As soon as users join the waitlist, they instantly earn a signup reward. All users who refer the Mara Wallet to their friends, family and community also earn further rewards when those users sign up using their unique referral link. Pre-registered users who participate in the referral activity also improve their chances of moving to top positions on the waitlist.”

 

The Mara Wallet app is available on the Google Play and Apple App stores. Once formally launched in a few months, the Mara Wallet will enable users to invest in crypto and send money to their family members in real time without processing times, delays, or high fees. To join the waitlist, download the app on the Google Play or the Apple App Store.

The Mara Wallet pre-launch comes at a critical inflection point in the evolution of Sub-Saharan Africa. The current centralised financial system continues to present ongoing obstacles to the development of both local economies and individuals. As a result, food prices have doubled or even tripled in some areas and created record-breaking interest rates. These systems have prompted a dire need for a decentralised alternative.

 

Mara’s mission is to facilitate a more equitable distribution of capital by providing an alternative that spans across tribes, class, cultures, and countries.

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Are you ready to begin writing your crypto story? Mara Wallet is available to download from the Google Play and Apple App Stores now!

 

About Mara

Mara is building Africa’s portal to the cryptoeconomy through a Pan-African suite of products that addresses a variety of crypto-finance needs while complying with local regulations and being authentically built for the African audience. Mara will initially launch in Kenya and Nigeria, with its first product being a simplified user-friendly Wallet through which users can easily buy, sell, send, and withdraw cryptocurrencies. Mara will also launch a pro exchange for experienced users who prefer a full set of trading options and technical analysis tools. The Mara Chain will launch later, granting savvy developers a place to build decentralised applications that will help shape the future of the African cryptoeconomy. Mara’s executive team includes former executives from Amazon, PayPal, Uber, NVIDIA, Founders Bank, Rappi, and more. The company raised a total of $23M from Coinbase Ventures, Alameda Research (FTX), Distributed Global, TQ Ventures, Day One Ventures, DIGITAL, Nexo, KuCoin Ventures, Huobi Ventures and nearly 100 other crypto investors and angels. The Mara executive team is led by Chi Nnadi, Lucas Llinás Múnera, Dearg OBartuin, Kate Kallot, and Susan Younis.

 

 

For Further information please contact;

Mercy Akamo | Mara VP for Communications

E: [email protected]

For Further information please contact;

Oladapo Shofu | Mara Communications Manager, West Africa

E: [email protected]

 

 

 

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Global Trends

Tesla Sued Over Having A ‘ Racially Segregated Workplace’

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Tesla Sued Over Having A ' Racially Segregated Workplace'

Tesla stock seems to be plummeting after the tech giant was hit with a lawsuit, which details multiple complaints about the company’s mistreatment of Black factory workers.

According to Wall Street Journal, the suit, filed by the California Department of Fair Employment and Housing on Wednesday, includes alleged workplace discrimination happening at Tesla’s U.S. car plant in the San Francisco Bay Area.

“After receiving hundreds of complaints from workers, DFEH found evidence that Tesla’s Fremont factory is a racially segregated workplace where Black workers are subjected to racial slurs and discriminated against in job assignments, discipline, pay, and promotion creating a hostile work environment,” CDFEH’s director Kevin Kish said in a statement.

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Tesla responded to the lawsuit in a blog post, insisting that the company takes all the necessary steps to create an inclusive and safe environment for its employees.

“Tesla strongly opposes all forms of discrimination and harassment and has a dedicated Employee Relations team that responds to and investigates all complains,” the company said on Wednesday. “Tesla is also the last remaining automobile manufacturer in California. The Fremont factory has a majority-minority workforce and provides the best paying jobs in the automotive industry to over 30,000 Californians.”

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Despite the company’s statement. the lawsuit states that Black employees reported being assigned to more physically demanding tasks compared to their peers of other races, and some reportedly recalled supervisors and managers using racial slurs.

Tesla was previously under fire for reportedly subjecting a Black contract worker to a racially hostile environment. The company ultimately awarded the man $137 million in damages.

 

 

 

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Source: GhArticles.com

 

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World Showbiz News

Floyd Mayweather Refuses To Take Photo With Young Male Fan Over His Painted Nails

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Floyd Mayweather Refuses To Take Photo With Young Male Fan Over His Painted Nails

Floyd Mayweather refused to take a picture with a male teenage fan and mentioned the boy’s painted nails as an issue.

It all went down at a Clippers game over the weekend. The teen approached Floyd and his crew hoping to take a selfie with Floyd after the Clippers vs. Grizzlies game at the Staples Center, according to TMZ

The teen was recording when he captured Floyd rejecting his request.


“You got painted nails, I don’t take pictures with guys with no painted nails,” Floyd is heard saying in the video as his bodyguards try to get the young fan to back up.

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The fan was visibly upset by the rejection and even went as far as accusing Floyd Mayweather of being homophobic.

“Damn, bro! Floyd’s a homophobe,” the fan exclaimed as Floyd walked away. “…Floyd doesn’t want to take a picture with me because my nails are painted. Bruh, really?!”

 

 

We Will Love You To Join Our Over 170k Members Instagram Family With Just One Click @gharticles

Source: GhArticles.com

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