ByteDance (the owner of TikTok) founder Zhang Yiming is now China’s wealthiest person, with an estimated net worth of $57.5 billion, according to Bloomberg. The tech entrepreneur surpassed Zhong Shanshan, owner of Nongfu Spring, and Ma Huateng, co-founder of Tencent Holdings, in Bloomberg’s billionaire ranking released on Wednesday.
Zhang, 40, is also Asia’s third-richest person, trailing only Mukesh Ambani of Reliance Industries and Gautam Adani of the Adani Group. Bloomberg reports Ambani holds the top spot with $90.9 billion, while Adani follows with $72.3 billion.
ByteDance’s valuation played a key role in Zhang’s growing fortune. Investor evaluations from BlackRock Inc., Fidelity Investments, and T. Rowe Price Group pushed the company’s estimated worth to $312 billion.
ByteDance also announced plans to buy back employee shares, further driving up its value. As a result, Zhang’s wealth surged by $10 billion this year alone.
From a Small Apartment to a Global Empire
Zhang founded ByteDance in 2012 from a four-bedroom apartment in Beijing. The company started with Toutiao, a news aggregation platform, before launching TikTok, which became a global sensation. Today, TikTok has over a billion active users, shaping trends and redefining digital entertainment.
Although Zhang stepped down as CEO in 2021, he still controls over 50% of ByteDance’s voting rights, according to Reuters. His influence remains strong in the company’s strategic decisions.
Born in 1983 in Longyan, Fujian, Zhang grew up as an only child. His parents worked as civil servants, providing him with a stable upbringing. He later studied microelectronics and software engineering at Nankai University in Tianjin, laying the foundation for his tech career.
Zhang’s success story mirrors China’s rapid digital transformation. ByteDance continues to grow despite regulatory challenges, including U.S. threats to ban or limit TikTok over security concerns. With ByteDance expanding into AI and enterprise solutions, Zhang’s fortune could climb even higher.
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