TikTok founder Zhang Yiming tops China’s 2024 Rich List, with a net worth of $49.3 billion, according to Hurun Research Institute.
Zhang Yiming is now the 18th person to hold the title of China’s richest individual since the Hurun China Rich List began in 1999. He takes over from Zhong Shanshan, founder of Nongfu Spring, who held the spot for three years.
Zhang co-founded ByteDance, the company behind TikTok, Toutiao, and Douyin, now valued at $225 billion. In 2023 alone, ByteDance brought in $110 billion in revenue, with TikTok itself estimated to be worth $100 billion, according to Wedbush Securities.
TikTok’s success is largely driven by its powerful algorithm, which has boosted the app’s value significantly. Despite facing potential bans in the U.S. due to national security concerns around data privacy, its popularity keeps climbing.
Interestingly, Zhang Yiming remains one of China’s wealthiest individuals, even after stepping down as ByteDance CEO in 2021, holding around a 20% stake in the company.
TikTok
TikTok is a social media platform where users can create, watch, and share short videos across a wide range of topics, from dance challenges and comedy skits to educational content. Launched in 2016 by the Chinese tech company ByteDance, TikTok quickly gained global popularity, thanks to its unique algorithm that personalizes video recommendations based on user preferences.
This approach keeps users engaged and coming back, making TikTok one of the most downloaded apps worldwide.
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