Jakarta, IndonesiaSentinel.com — Zhang Yiming, the TikTok boss and founder of ByteDance, has claimed the top spot as China’s wealthiest person, according to Forbes’ Real-Time Billionaires report. Zhang’s net worth has surged to $45.6 billion, allowing him to surpass Zhong Shanshan, the chairman of Nongfu Spring, who now ranks second with a net worth of $43.3 billion.
This marks the first time Zhang has secured the title of China’s richest person, thanks largely to his stake in ByteDance, which owns TikTok, the immensely popular social media platform.
Despite facing geopolitical challenges and regulatory scrutiny worldwide, particularly from the U.S., where the TikTok boss contends with threats of a ban or forced sale, Zhang’s wealth continues to grow.
In April 2024, U.S. President Joe Biden signed an executive order giving ByteDance until January to sell TikTok or risk the platform being banned in the country due to national security concerns.
However, even with these hurdles, ByteDance’s domestic performance remains strong. Its Chinese counterpart, Douyin, continues to generate substantial advertising revenue with over 700 million daily active users.
ByteDance is currently valued at $217 billion, although that figure has fallen from its 2021 peak of over $400 billion due to a general decline in the tech sector and increased international scrutiny.
Yet, Zhang’s fortune as the TikTok boss has remained relatively resilient, largely due to the company’s profitable ventures in China. ByteDance reported $120 billion in revenue in 2023, with earnings before interest, taxes, depreciation, and amortization reaching $40 billion, according to Bloomberg.
Brazil Orders $3M Seizure from Elon Musk X in Disinformation Battle
While Zhang stepped down from the daily operations of ByteDance in 2021, handing leadership to his college roommate Liang Rubo, the TikTok boss still maintains a significant influence over the company’s strategic direction.
His move to Singapore has allowed him to avoid some of the public attention, although his leadership in ByteDance continues to drive its success amid growing global challenges.
(Ray)
