- TikTok founder Zhang Yiming becomes China’s richest person at age 41 with a wealth of $49.3 billion according to Hurun Inc.
- His fortune has surged significantly, reflecting a remarkable rise in the billionaire landscape of China.
- Zhang, who stepped down as CEO of ByteDance in 2021, retains approximately 20% ownership of the company.
- Since its launch in May 2017, TikTok has gained immense global popularity, contributing to ByteDance’s success.
- ByteDance reported a 30% increase in global revenue last year, reaching $110 billion.
Chinese tech entrepreneur Zhang Yiming has catapulted to the top of the country’s rich list, leaving other billionaires in his wake.
The 41-year-old co-founder of ByteDance, the parent company of viral sensation TikTok, has taken the crown as China’s richest person according to the latest Hurun China Rich List.
Zhang’s wealth has been assessed at a staggering $49.3 billion by research firm Hurun Inc., publishers of the annual ranking of China’s wealthiest individuals. This meteoric rise comes on the heels of ByteDance’s impressive financial performance, with global revenue growing by 30% last year to reach a whopping $110 billion.
Since its launch in May 2017, TikTok has exploded onto the global scene, becoming an era-defining social media platform adored by millions of young people worldwide. Zhang’s vision and leadership played a crucial role in transforming ByteDance into one of China’s tech giants.
Interestingly, Zhang Yiming owns just 20% of ByteDance, which he co-founded with college roommate Liang Rubo in Beijing in 2012. He stepped down as CEO in 2021 after building the company into a household name in Chinese technology circles.
ByteDance’s influence extends beyond TikTok, also owning popular news app Toutiao and Douyin, TikTok’s sister app in China. These subsidiaries have contributed significantly to Zhang’s rapid ascent up the rich list rankings.
#TikTok founder Zhang Yiming becomes China's richest man with a $49.3 billion fortune. Zhang stepped down as CEO of the parent company ByteDance in 2021, but is said to own around 20% of the firm. pic.twitter.com/Dtz7REtoBI
— The Asian Chronicle (@AsianChronicle) October 29, 2024
This new development marks a significant shift in China’s billionaire landscape. Zhang’s ascension to the top spot knocks Zhong Shanshan, known as China’s “bottled water king,” out of the lead position he had held for three consecutive years. However, Zhong remains firmly in second place.
Zhang Yiming’s remarkable journey from tech entrepreneur to China’s richest person serves as a testament to his innovative spirit and business acumen. As TikTok continues to dominate global social media trends, Zhang’s influence extends far beyond China’s borders, shaping the digital landscape for generations to come.
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