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ByteDance co-founder starts Cool River Venture

May 24, 2023
Bytedance CEO Zhang Yiming posing for a photograph in an office with people sitting at desks

Zhang Yiming. Photo: Gilles Sabrie/Bloomberg via Getty Images

ByteDance co-founder Zhang Yiming has incorporated an investment company in Hong Kong named Cool River Venture, Bloomberg reports.

Why it matters: As a co-founder and former CEO of TikTok's parent company, the billionaire could have his eyes on investments in other media and tech companies.

Details: Zhang is listed as the sole director of the company and the sole shareholder is a Cayman Islands vehicle Galaxy LLC, according to a filing from the Hong Kong Companies Registry, per Bloomberg.

  • The fund will "primarily invest in technology-related industries," the South China Morning Post reports.
  • Zhang stepped down as ByteDance CEO in 2021 and has since maintained a rather low profile.
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