Founder of TikTok’s Chinese owner stepping down as CEO

BEIJING (AP) — The founder of TikTok’s Chinese owner is giving up his post as CEO to focus on longer-term initiatives, a step that comes amid uncertainty over whether the Biden administration will force the sale of the popular short video service’s U.S. arm. Zhang Yiming says Liang Rubo, a co-founder, will succeed him as ByteDance Ltd. CEO. Zhang says leaving day-to-day management will “enable me to have greater impact on longer-term initiatives,” but gave no details of his next role. ByteDance is waiting to find out whether the Biden administration will revive former President Donald Trump’s efforts to force the sale of TikTok’s U.S. arm as an alleged security risk.