Sumary of TikTok for truckies: Billionaire who missed out on TikTok now tries to beat it:
- Chinese authorities have focused on leaders like Tencent Holdings and Alibaba Group, but uncertainty over future regulations have ignited a broad market rout.
- Orchestrating the company’s overseas push is Su’s lieutenant Tony Qiu, a former Bain Capital investor and Didi executive who helped the Chinese ride-hailing giant build its presence in Brazil.
- In April, Kuaishou also welcomed on board Wang Meihong, a former Facebook senior engineer, to oversee tech for its global products.
- From there, Su aced the country’s gruelling college entrance exam and won entry into the prestigious Tsinghua University, where he studied software programming, before working as a developer at Google and Baidu.
- Ruby Lu, a venture investor who made an early bet in Kuaishou for DCM Ventures, spotted Su’s engineering talents then.
- “In 2013, he met fellow software engineer Cheng Yixiao over a dinner that lasted till 2 am.
- Together, they transformed Kuaishou, which Cheng launched two years earlier as a GIF maker, into a video-sharing platform that featured all sorts of content, including vignettes of life in rural China.
- Larger rivals like Weibo and Tencent Holdings whipped up their own short-video offerings but couldn’t build a loyal community, until ByteDance came along with Douyin, which appealed to a younger — and potentially more lucrative — demographic.