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Illustration: Aïda Amer/Axios

TikTok on Friday named ByteDance CFO Shouzi Chew as its CEO, and Vanessa Pappas, who has served as interim head of the company, as the video-sharing platform's COO.

Why it matters: TikTok's former CEO Kevin Mayer resigned amid heightened tensions between the Chinese-owned company and the Trump administration, which ordered TikTok to sell its U.S. operations to a domestic buyer over security fears.

Context: The Trump administration's threat against TikTok hit a wall with the election of President Biden.

  • The Biden administration paused negotiations with ByteDance about spinning out TikTok's U.S. operations into an independent entity.
  • Friday's CEO announcement seems to suggest ByteDance no longer thinks there's much chance it will need to spin off its U.S. business, Axios' Dan Primack notes.

What they're saying: "The leadership team of Shou and Vanessa sets the stage for sustained growth," Yiming Zhang, founder and CEO of ByteDance — the developer of TikTok — said in a statement Friday.

  • "Shou brings deep knowledge of the company and industry, having led a team that was among our earliest investors, and having worked in the technology sector for a decade. He will add depth to the team, focusing on areas including corporate governance and long-term business initiatives."

Go deeper: TikTok will prompt users when videos are flagged as misleading

Go deeper

Ben Geman, author of Generate
49 mins ago - Energy & Environment

A $1 billion plan to deploy clean power in developing nations

Illustration: Eniola Odetunde/Axios

Two foundations just unveiled a $1 billion initiative to help deliver clean energy to huge numbers of people worldwide who lack electricity access — and they hope it catalyzes vastly more outside capital.

Driving the news: The Rockefeller and Ikea foundations said the new program "aims to reduce 1 billion tons of greenhouse gas emissions and to empower 1 billion people with distributed renewable energy."

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Scoop: Sweetgreen files for IPO

Illustration: Sarah Grillo/Axios

Sweetgreen, one of the earliest "better for you" quick-serve restaurant chains, has filed confidentially for an IPO, Axios has learned from multiple sources.

Why it matters: The company has been a rumored IPO candidate for years, and now is coming out as a post-pandemic growth play.

Investors fear inflation, labor shortages in second half of 2021

Illustration: Sarah Grillo/Axios

Investors entered 2021 concerned about the transition to a new U.S. president, the form of new fiscal stimulus, the distribution of vaccines and the reopening of the economy. Now, top risks include supply chain bottlenecks, labor shortages, inflation and slower GDP growth.

Why it matters: Stocks have rallied almost unabated for over a year, leaving many to wonder if the market is overdue for a big selloff. Last week's declines amplify those concerns.