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: Wednesday, April 14, 2021, 1:42 PM IST
TikTok s Zhang Yiming among the world s richest, not far from Pinduoduo s Colin Huang and Alibaba s Jack Ma in case of fortune
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Over the last few years, Tik Tok has been in news for being banned by the US and Indian market. Due to that move by two markets, the parent company ByteDance suffered huge losses. But that loss did not stop 38-year-old Zhang Yiming from becoming one of the worldâs richest.
According to a Bloomberg report, the shares of the company in the private market trade is at a valuation of more than $250 billion. Zhang owns about a quarter of ByteDance which makes him worth more than $60 billion, placing him alongside Pinduoduo s Colin Huang, Alibaba s Jack Ma, Tencent Holdingsâ Pony Ma, bottled-water king Zhong Shanshan and other billionaires.
Highlights
ByteDance was reportedly valued at $250 billion in the private market
In 2020, TikTok was facing its most challenging time.
TikTok’s parent company ByteDance founder Zhang Yiming has become one of the richest men in the world, despite the firm s cashing cow TikTok remaining in hot soup throughout last year.
According to the Bloomberg Billionaires Index, he is worth $60 billion and is as rich as Chinese bottled-water king Zhong Shanshan and the Walton and Koch families in the US.
Yiming s sudden accumulation of wealth has come after ByteDance was reportedly valued at $250 billion in the private market.
Beating all odds
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TikTok founder’s $60bn fortune places him among the world’s richest people
Just last year, the worldâs most valuable startup, ByteDance, was being squeezed from all sides.
By Zheping Huang, Bloomberg
14 Apr 2021 07:03
Zhang Yiming, chief executive officer and founder of Bytedance Ltd. Image: Gilles Sabrie/Bloomberg
Just last year, the worldâs most valuable startup, ByteDance, was being squeezed from all sides.
The Trump administration wanted the Chinese firm, which owns the ubiquitous TikTok video-sharing platform, to get rid of assets. Beijing was cracking down on tech businesses, and India blacklisted some of its social-media apps.
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