BUSINESS
Zhang Yiming, the founder of TikTok's parent company ByteDance, is now the richest person in China, with a net worth of $57.5 billion.
Zhang Yiming, the founder of TikTok’s parent company ByteDance Ltd., is now China’s richest person, according to Bloomberg. His net worth has reached $57.5 billion, with his wealth increasing by $13.6 billion this year alone, making him the 24th richest person in the world, according to the Bloomberg Billionaires Index.
Following Zhang on the list of China’s wealthiest individuals are Tencent co-founder and CEO Ma Huateng ($56.6 billion), Nongfu Spring founder Zhong Shanshan ($54.1 billion), Xiaomi founder and CEO Lei Jun ($44.9 billion), and Pinduoduo founder and former CEO Colin Huang ($43.2 billion). Jack Ma, the Alibaba founder who was once China’s richest person, now ranks sixth with a net worth of $39.6 billion.
Despite his success in creating a platform that launched a new generation of social media influencers, Zhang is known for being highly private. He stepped down as ByteDance’s CEO in 2021 after nearly a decade of leadership. In a 2021 Reuters report, he told employees that he was “not very social” and preferred solitary activities like being online, reading, and listening to music. He also admitted he lacked “some of the skills that make an ideal manager” and preferred a non-managerial role.
Born in 1983 in Fujian province, Zhang’s name is derived from a Chinese proverb meaning “surprising everyone with a first attempt.” His parents were civil servants. He graduated from Nankai University in 2005, initially studying microelectronics before switching to software engineering. He also married his college sweetheart.
Before founding ByteDance in 2012, Zhang worked at companies such as travel booking startup Kuxun and Microsoft. ByteDance’s first product was the AI-powered news aggregator Toutiao, but it later expanded into social media, launching TikTok (originally named Douyin) in September 2016. TikTok has since grown into one of the world’s most popular social networks, with over 170 million users in the U.S. as of September 2024.
However, TikTok’s Chinese ownership has drawn scrutiny from U.S. regulators. In April 2024, the Senate passed a law requiring ByteDance to divest TikTok’s U.S. operations or face a ban starting January 19, 2025. Newly elected U.S. President Donald Trump signed an executive order on January 20, pausing the ban for 75 days. Unless the rule changes, TikTok has until April 5 to secure a new U.S. owner, with figures like Reddit co-founder Alexis Ohanian and 'Shark Tank' investor Kevin O’Leary expressing interest.
DNA TV Show: Kolkata's Circus Chauraha turned into 'Shaheen Bagh' over Waqf Bill protest?
LSG vs MI: Hardik Pandya creates history, becomes 1st captain in IPL to take five-wicket haul
Earthquake of magnitude 5.0 jolts Nepal, tremors felt in North India
'Co-star got excited during intimate scene, felt violated', Know in details actress and incident
'AI enthusiast job seeker writes his own OBITUARY on LinkedIn, then THIS happened...
Yunus-Modi Talks: Sheikh Hasina extradition raised as PM issues stark warning
Can BIMSTEC replace SAARC? Can India isolate Pakistan in Southeast Asia after Yunus-Modi Talks?
Digital Marketing Certification Worth It? Benefits, Career Impact, and Salary Trends in 2025
Meet Rajkot artisan, crafts 75-meter-long turban for PM Modi that weighs 25 kg, worth Rs...
Kazakhstan unearths massive rare Earth deposit of 1000000 tonnes, eyes global...
China hits back at US with additional 34 per cent tariff on American goods as trade war intensifies
What happens if you eat curd every day after lunch? Here's how your body responds
PM Modi's FIRST meeting with Muhammad Yunus after Hasina's extradition: 'There were talks on...'
Lion inside house in Gujarat leaves residents shellshocked! WATCH viral video
How your skin can reveal secrets about your dating life
'Uber for Teens' launched In India: Who is eligible; here's how to book a ride
Sunil Narine creates history, becomes first player in world to reach this milestone
India’s Digital Sovereignty: Navigating geopolitics and market realities
UP man, dancing on stage with wife on 25th wedding anniversary, collapses and dies; doctors said...
Will iPhones get costlier after Donald Trump's 'Liberation Day' tariffs? Report claims...
When Manoj Kumar got angry on Farah Khan, Shah Rukh Khan for Om Shanti Om joke
Manoj Kumar, popularly known as Bharat Kumar, famous for patriotic films, dies at 87 in Mumbai
How Ronnie Screwvala became richer than Shah Rukh Khan, Salman Khan and Aamir Khan put together
Pakistani man gives CAD 100 tip to Indian student in Canada in heartwarming video! WATCH
Why only 2 countries got spared from Donald Trump's 'liberation day' tariffs? They are...
Viral video: Man dances to 'Radhe Radhe' inside Delhi metro, internet loves his confidence
Expert explains why every woman should have flaxseeds everyday
IPL 2025: Big setback for Gujarat Titans as star pacer returns home due to personal reasons
BTS video of 'Aashiqui 3' leaked? Kartik Aaryan seen in fierce avatar alongside Sreeleela, WATCH
FACT CHECK: Misleading video falsely shows religious hate crime, attack on Hindus in Bangladesh
What is Tripitika? Gifted to PM Modi in Thailand by Paetongtarn Shinawatra
What is the 'no contest clause' in Ratan Tata's will? What if somebody breaks it?
Bengaluru SHAMED! Bihar woman dragged, raped in front of brother