The company that created the hugely popular app TikTok, ByteDance, is worth $250 billion. Behind this company is founder Zhang Yiming. Learn about him here.
Zhang Yiming, TikTok founder resigns as CEO of the company ByteDance. However, Zhang will still contribute his expertise in TikTok if needed by the company.
Zhang Yiming owns about a quarter of ByteDance, could be worth more than $60 billion.
Just last year, the world s most valuable startup, ByteDance Ltd., 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.
For all the obstacles, ByteDance kept growing. Now its founder, 38-year-old Zhang Yiming, is among the world s richest people a distinction that lately has carried increased risks in China.
Shares of the company trade in the private market at a valuation of more than $250 billion, people familiar with the dealings have said. At that level, Zhang, who owns about a quarter of ByteDance, could be worth more than $60 billion, placing him alongside Tencent Holdings Ltd. s Pony Ma, bottled-water king Zhong Shanshan and members of the Walton and Koch families in the U.S., acco
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