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Zhang Yiming, the co-founder of TikTok’s Chinese parent company ByteDance, will step down as CEO, he announced Thursday as he admitted to lacking some of the skills necessary to lead the company as its chief executive.

Zhang’s fellow co-founder, Liang Rubo, will take over as CEO of ByteDance, which owns a slate of entertainment and news apps in China and other countries, in addition to TikTok. The shake-up is expected to happen at the end of the year, Zhang said in a letter to employees, which the company posted online. 

“The truth is, I lack some of the skills that make an ideal manager. I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people,” Zhang, who has helped grow the company into one of the largest startups in the world, said in the letter. “Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music and daydreaming about what may be possible.”

Rubo, who’s currently in charge of human resources at the company, will be able to provide better day-to-day management, said Zhang, who said he will use his extra time to consider the long-term direction for the company and search for opportunities to push into new emerging technology.

Zhang Yiming’s fellow co-founder, Liang Rubo, will take over as CEO of ByteDance.AP

“For a long time, I’ve put my online status as ‘Daydreaming.’ What I mean isn’t that I’m zoning out, but rather that I’m thinking about possibilities that people might think are just fantasy,” Zhang said. “In the past three years, many things that seemed like fantasies have, in fact, become reality.”

“After handing over my role as CEO, and removing myself from the responsibilities of daily management, I will have the space to explore long-term strategies, organizational culture and social responsibility, with a more objective perspective on the company,” he added.

The announcement comes as the Chinese government ramps up pressure on its home-grown companies. 

Chinese regulators last year blocked the anticipated IPO of financial-tech company Ant Group, with government officials summoning executives from Ant Group and its parent company Alibaba. In March, the CEO of Ant Group resigned, followed shortly after by the resignation of the CEO of Shanghai-based e-commerce giant Pinduoduo. 

Beijing-based ByteDance is one of China’s most valuable startups thanks to TikTok’s help.AFP via Getty Images

Beijing-based ByteDance is one of China’s most valuable start-ups and among the first to attract users or customers broadly outside of China, largely thanks to TikTok. The company’s success has placed it under scrutiny both in China and elsewhere. 

ByteDance executives have been summoned by government authorities every few weeks, according to The Wall Street Journal, and the Chinese government has fined at least two of its China-focused business units this year. 

In the US, former President Trump signed an executive order last summer that sought to force ByteDance to divest from the US by selling or spinning off the US operation of TikTok. Trump said TikTok’s Chinese ownership was a national security threat. 

TikTok has since tried to distance itself from its Chinese parent, but the pressure for ByteDance to divest never led to a concrete shake-up of the business structure.

Apple made at least $100 million — and possibly much more — off commissions from “Fortnite” during the two-and-a-half years the game was available on the App Store, an Apple executive revealed during an ongoing antitrust trial.

Michael Schmid, an Apple executive who oversees business development for games on the App Store, revealed the figure under questioning Wednesday, Bloomberg reported (paywall). When asked if Apple made more than $200 million from “Fortnite”-related fees, Schmid said answering that question would be “inappropriate.”  

Last year, Apple booted Epic Games from the App Store after Epic introduced its own system for in-app payments, circumventing Apple’s requirement that some developers use its own payment system, which charges commissions of up to 30 percent. 

Cut off from a lucrative audience of iPhone and iPad users, Epic sued Apple in a Northern California federal court, alleging that Apple’s policies constituted an illegal monopoly. 

Epic Games CEO Tim Sweeney arriving at federal court in Oakland, California, on Wednesday for the lawsuit Epic is waging against Apple. Getty Images

Commissions from the App Store brought in $22 billion for Apple in 2020 alone, according to Bloomberg. If Epic’s suit is successful, Apple could lose a key source of revenue.  

Apple head honcho Tim Cook, who is said to be Apple’s final witness in a trial that began May 3, will take the stand Friday morning. 

Microsoft will finally retire Internet Explorer after more than 25 years. 

The software giant announced Wednesday that the current version of Internet Explorer will no longer be supported on consumer versions of Windows 10 from June 15, 2022.

Instead, Microsoft said it’s shifting focus to web browser Edge, which it launched in 2015.

“We are announcing that the future of Internet Explorer on Windows 10 is in Microsoft Edge,” said Sean Lyndersay, a Microsoft Edge program manager.

“The Internet Explorer 11 desktop application will be retired and go out of support on June 15, 2022, for certain versions of Windows 10.”

Internet Explorer was once a dominant player in the early days of the internet, but has gradually faded as other tech giants rolled out web browsers such as Chrome from Google and Apple’s Safari.

As of April, Explorer holds less than 2 percent of the global browser market for desktop computers, according to web analytics firm Statcounter. By comparison, Google’s Chrome has a 65 percent share of the market, followed by Apple’s Safari with an 18 percent share

It marks a steep fall for Explorer — which was the dominant browser for over a decade after its launch in 1995.

Microsoft’s Internet Explorer browser launched in 1995.Alamy Stock Photo

At its peak in the late ‘90s, the domination of Explorer was central to the government’s antitrust crackdown on Microsoft.

A federal judge ruled that Microsoft violated antitrust law by tying Explorer to its Windows operating system software. The practice effectively killed the use of rival browser Netscape Navigator between 1995 and 1998, the judge found. 

Microsoft settled with the Justice Department in 2001 over the allegations, but did not admit wrongdoing.

It was among the earliest US antitrust crackdowns in the tech sector.

However, for Explorer devotees, Microsoft said it will continue to offer an “IE mode” within its Edge browser, which allows users to access sites and apps that haven’t transitioned away from Explorer.

IHOP is launching a new chain of grab-and-go locations that are focused on orders for takeout and delivery — and they’ll make their debut in New York City.

The 62-year-old pancake chain is dusting off its plans for a concept it originally announced in 2019 — Flip’d — opening the first location in the Big Apple this summer.

Customers will be greeted by kiosks where they can place their orders — counter service is also available — or they can order in advance online, the company said on Thursday. Unlike its 1,600 IHOPs across the US, Flip’d outlets won’t have table service, although limited seating will be available at some locations.

Menu items will include IHOP’s signature pancake bowls, egg sandwiches and made to order burritos and bowls as well as grab and go wraps, salads and pastries.

The new concept will focus on takeout and delivery orders, although some locations will offer limited seating.IHOP

Owned by Dine Brands, which also operates Applebee’s Neighborhood Grill & Bar, IHOP tabled its original plans for Flip’d when the pandemic hit and then retooled them.

“While we know there is a pent-up demand for a return to dining in restaurants, we anticipate that our delivery and takeout business is here to stay as consumer needs continue to shift and they seek out different ways to experience IHOP favorites,” Jay Johns, president of IHOP, said in a statement. 

“With Flip’d, we can provide that on-the-go fast casual experience, making now the perfect time to bring this concept into the world.”

Among the menu items available for takeout and delivery will be IHOP’s pancake bowls.IHOP

The first group of Flip’d locations will open later this year in Lawrence, Kan., and Columbus and Dublin, Ohio, as opposed to the large metropolitan cities IHOP had originally focused on in 2019, the company said.

Dine Brands is offering $150,000 to the first franchisees in various markets that open Flip’d locations, according to CNBC.

Just a few years ago, IHOP introduced a new burger menu aimed at resuscitating its flagging sales and it made a huge stir with a hoax to change its name to Ihob (the ‘b’ stood for burgers) as it teased the burger news.

The number of Americans seeking new unemployment benefits continued to drop last week, the feds said Thursday, as a slew of states move to slash the pandemic-boosted payments.

Initial worker filings for jobless claims, seen as a signal of layoffs, reached 444,000 last week, down from a revised total of 478,000 reported the prior week, according to data released Thursday by the Labor Department.

Economists surveyed by Dow Jones expected 452,000 new jobless claims. 

New jobless claims have continued on a steady downward trajectory and are now at a fresh pandemic low, but the overall number of people on government assistance remains high, with over 15.9 million claiming continuing assistance, the feds said Thursday.

But laid off workers in many states could soon see those weekly benefits shrink. 

At least 21 states with Republican governors are looking to lure workers back into the labor market by withdrawing from the federal program that provides an extra $300 in additional unemployment benefits every week. 

Several states are attempting to get people back to work with withdrawing a federal program that provided an extra $300 at the height of the COVID-19 pandemic.Getty Images

Various Republican-led states, including Texas, Oklahoma and Indiana have moved to end the benefits this summer. They were set to expire in early September. 

Some companies, politicians and economists have said the extra benefits add up to more than what businesses can afford to pay people, particularly for entry level jobs, creating a labor shortage that threatens to hold back the US economic recovery.

The White House, in turn, has defended the extra benefits, saying that businesses should pay people more. President Biden has added that, “If you’re receiving unemployment benefits and you’re offered a suitable job, you can’t refuse that job and just keep getting the unemployment benefits.”

The latest round of economic data released over the past month has added weight to the argument that there is a labor shortage, economists say. However, they add, there are other factors at play, including an increased need for child-care amid school closures that could be keeping women out of the workforce.

President Joe Biden has said that if a “suitable job” presents itself, people cannot turn that down in lieu of continuing to get unemployment benefits.ZUMAPRESS.com

Last week, the Labor Department said US job openings soared to a record 8.1 million in March while companies struggled to recruit new workers and the economy continued to heat up. That was just days after the agency said the US economy added a disappointing 266,000 jobs, far below the 1 million that had been expected by economists.

A handful of states are trying to encourage people to seek jobs again. Last week, Arizona announced it would stop distributing the US supplement on July 10, instead offering a $2,000 bonus for those who return to work. States including Montana, Oklahoma and Connecticut have dangled similar cash incentives as they seek to wean residents from the federal funds.

Private equity firm Apollo announced Thursday that co-founder Josh Harris will step down from his day-to-day role at the company, but keep his seat on the board of directors. 

Harris is expected to fully step down upon completion of the firm’s deal to buy insurance company Athene, likely to close in the first quarter of 2022, Apollo said.

“After nearly 31 years at Apollo, it is time for me to start the next chapter of my career, where I will focus full-time on the platforms I’ve created outside of the firm as well as deepen my commitment to philanthropy and social impact,” Harris said in a statement.

Harris will focus on growing his family’s foundation and building Harris Blitzer Sports & Entertainment, the sports and entertainment company he founded in 2017 with David Blitzer of private equity firm Blackstone.

Camden, New Jersey-based HBSE owns the Philadelphia 76ers, the New Jersey Devils and other sports and entertainment assets. 

The announcement of Harris’ departure comes after Harris was passed over to succeed fellow Apollo co-founder and former CEO Leon Black, who left the firm in March, relinquishing his title as chairman, amid scrutiny over his ties to pedophile financier Jeffrey Epstein.

Josh Harris is a co-owner of the New Jersey Devils and managing partner of the Philadelphia 76ers.Getty Images

Marc Rowan, the firm’s third co-founder, was named Black’s successor in January.

“Josh has been an amazing partner and it has been my privilege to work side by side with him for nearly 35 years as we helped build the firm into a leading financial services company,” Rowan said in a statement. “I am fortunate to be leading a business with an incredibly strong management team which Josh had a significant role in helping develop.”

Harris’ departure has been speculated on ever since Rowan’s appointment was announced. Earlier this month, Harris was absent from the firm’s first-quarter earnings call, spurring a question from an analyst. 

Marc Rowan was picked to succeed Leon Black as CEO over Josh Harris.REUTERS

In response, Rowan called Harris “an active and productive and senior member of the Apollo team.”

And the same day, The Post reported that Harris was buying a $32 million mansion in Miami in an off-market deal. While Apollo and other financial companies are opening offices in South Florida, sources told The Post at the time that the purchase was a sign that Harris was already on his way out at Apollo.

Harris “will be out in six months,” an Apollo insider told The Post.