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Zhang Yiming, the founder of TikTok’s parent company ByteDance, has become the richest person in China, with a net worth of $57.5 billion, according to the Bloomberg Billionaires Index. The 41-year-old entrepreneur saw his wealth increase by $13.6 billion this year, making him the 24th richest person in the world.
China’s Richest Billionaires
Zhang has now surpassed some of China’s most prominent business leaders, including:
- Ma Huateng (Tencent co-founder and CEO) – $56.6 billion
- Zhong Shanshan (Nongfu Spring founder) – $54.1 billion
- Lei Jun (Xiaomi founder and CEO) – $44.9 billion
- Colin Huang (Pinduoduo founder) – $43.2 billion
Meanwhile, Alibaba founder Jack Ma, once China’s wealthiest person, has slipped to sixth place with a net worth of $39.6 billion.
A Low-Profile Billionaire
Despite leading one of the most influential tech companies, Zhang Yiming is known for his reclusive nature. He stepped down as ByteDance’s CEO in 2021, stating that he preferred a non-managerial role and was “not very social.” In a 2021 report by Reuters, Zhang mentioned that he enjoyed solitary activities like reading, listening to music, and contemplating new ideas.
Born in 1983 in China’s Fujian province, Zhang graduated from Nankai University in 2005, switching from microelectronics to software engineering. He worked at Microsoft and a travel booking startup Kuxun before founding ByteDance in 2012. ByteDance initially launched an AI-powered news aggregator app, Toutiao, before creating TikTok (originally Douyin) in 2016.
TikTok’s Global Success and US Regulatory Battle
TikTok has since grown into one of the world’s most popular social media platforms, boasting over 170 million users in the United States alone as of 2024. However, its Chinese ownership has raised concerns among US regulators.
In April 2023, the US Senate passed a “divest-or-ban” law, requiring ByteDance to sell its US operations by January 19, 2025, or face a nationwide ban. However, former President Donald Trump, after winning re-election, issued an executive order on January 20, pausing the ban for 75 days.
With an April 5 deadline looming, several prominent figures, including Reddit co-founder Alexis Ohanian and “Shark Tank” investor Kevin O’Leary, have reportedly shown interest in acquiring TikTok’s US operations.
Sources By Agencies
