Zhang Yiming: China’s New Wealthiest Person
TikTok Founder Overtakes Zhong Shanshan and Ma Huateng
Zhang Yiming, the founder of ByteDance Ltd., the company behind TikTok, is now the richest person in China. According to Bloomberg, his net worth is valued at $57.5 billion, surpassing Zhong Shanshan, founder of Nongfu Spring Co., and Ma Huateng, co-founder of Tencent Holdings.
Challenges Faced by Zhang
- Potential US restrictions on TikTok
- Temporary withdrawal of music content by the world’s largest record label
Despite these challenges, Zhang’s wealth continues to grow.
Zhang’s Position in Asian Wealth Hierarchy
Zhang now ranks third in the Asian wealth hierarchy, following Indian industrialists Mukesh Ambani and Gautam Adani, according to the Bloomberg Billionaires Index.
Zhang’s Net Worth Increase
Zhang’s net worth increased by over $10 billion after Bloomberg’s analysis of valuations from institutional investors BlackRock Inc., Fidelity Investments, and T. Rowe Price Group Inc., as well as ByteDance’s intention to repurchase employee shares at a $312 billion valuation. The four valuations averaged $365 billion.
TikTok’s Operations in the United States
The status of TikTok’s operations in the United States remains uncertain. US President Donald Trump extended the deadline for ByteDance to secure a purchaser for its US operations or risk prohibition until April 5.
Oracle Corp.’s Proposal
Oracle Corp. is considering a proposal to acquire TikTok’s US operations that would involve providing security guarantees and acquiring a minor stake in a new US entity, while potentially allowing the application’s crucial algorithm to remain under Chinese control.
ByteDance’s Position in China’s AI Sector
ByteDance maintains a prominent position in China’s artificial intelligence sector. Its AI chatbot Doubao serves 75 million regular active users, while the company reports that its earlier vision understanding model operates at costs 85% below the industry standard, similar to DeepSeek.
About Zhang Yiming
Zhang stands apart from traditional Chinese billionaires due to his innovative and globally-focused enterprise, according to Hao Gao, director at Tsinghua University’s Research Centre for Global Family Business.
Zhang’s Professional Journey
- Worked as an engineer at Kuxun.com
- Founded 99fang.com, a property search platform, in 2009
- Established ByteDance from a modest flat in Beijing in 2012
Zhang’s vision was to develop an AI-driven platform distinct from Baidu, China’s dominant search engine.
Zhang’s Quote
“The most important thing is that we are not a news business,” Zhang said in a 2017 interview. “We are more like a search business or a social media platform. We are doing very innovative work. We are not a copycat of a US company, both in product and technology.”
ByteDance’s Expansion
ByteDance introduced TikTok (known as Douyin in China) in 2016, initially attracting a modest following. The application quickly gained popularity amongst younger generations and achieved global success in subsequent years. The company acquired Musical.ly, a Chinese social media platform, for approximately $800 million in 2018, subsequently incorporating it into TikTok. The organization has since developed into a diverse conglomerate, offering various applications ranging from video content to entertainment platforms featuring humor and celebrity news.
Zhang’s Resignation
Zhang stepped down as chief executive in 2021, followed shortly by his resignation as chairman. Similarly, other prominent billionaires, including Jack Ma of Alibaba Group Holding Ltd. and Colin Huang of PDD Holdings Inc., have also withdrawn from active management roles in their respective organizations.
