TikTok Rival Kuaishou Falls; ByteDance Lays Off Hundreds

Bloomberg Markets and Finance published this video item, entitled “TikTok Rival Kuaishou Falls; ByteDance Lays Off Hundreds” – below is their description.

Aug.05 — TikTok rival Kuaishou Technology fell the most on record after a post-listing lockup on sales of its shares expired. Meanwhile, TikTok-owner ByteDance Ltd. has laid off hundreds of employees. Stephen Engle reports on “Bloomberg Daybreak: Asia.”

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    TikTok, known in China as Douyin, is a Chinese video-sharing social networking service owned by ByteDance, a Beijing-based Internet technology company founded in 2012 by Zhang Yiming. It is used to create short music, lip-sync, dance, comedy and talent videos of 3 to 15 seconds, and short looping videos of 3 to 60 seconds.

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