Zhang Yiming, co-founder of TikTok’s parent company ByteDance, has become China’s richest individual, with a net worth of $49.3 billion, according to the 2024 Hurun Rich List.
This marks a 43% increase from 2023, largely fueled by TikTok’s global success and a 60% rise in ByteDance’s profits last year.
Despite stepping down as CEO in 2021, Zhang retains a 20% stake in the company.
Zhang’s ascent displaces Zhong Shanshan, the “bottled water king,” who fell to second place as his fortune declined amid China’s economic challenges.
The number of billionaires in China has dropped significantly, reflecting broader economic difficulties, including a real estate crisis and sluggish consumer spending.
TikTok continues to face scrutiny in the U.S., where it could be banned unless ByteDance divests its operations due to national security concerns.
Despite these challenges, TikTok remains immensely popular, boasting over a billion global users and solidifying its status as a leading social media platform.
Zhang Yiming’s entrepreneurial journey
Yiming’s entrepreneurial journey began in 1983 in Longyan, Fujian Province, China.
From an early age, he showed a keen interest in technology and innovation, which led him to pursue a degree in microelectronics at Nankai University.
However, he soon shifted his focus to software engineering, laying the foundation for his future ventures.
After graduating in 2005, Zhang began his career as a software engineer at Kuxun, a travel search engine. His talent quickly became apparent, and he advanced to a management position.
Following his time at Kuxun, Zhang had a brief stint at Microsoft, where he gained valuable insights into international tech operations.
In 2009, Zhang co-founded 99fang.com, a real estate search platform.
Although it didn’t achieve massive success, the venture provided him with important lessons about market dynamics and user engagement, fueling his ambition to create something more impactful.
In 2012, Zhang founded ByteDance with the vision of leveraging artificial intelligence to personalize content for users.
The company’s flagship product, Toutiao (meaning “Headlines”), launched in 2012 and quickly became China’s leading news aggregation app. It utilized sophisticated algorithms to curate content.
In 2016, ByteDance launched TikTok (known as Douyin in China), a short-form video platform that allowed users to create and share engaging content.
The app gained immense popularity, particularly among younger audiences.
In 2018, ByteDance acquired Musical.ly for around $1 billion, merging its user base with TikTok and expanding its reach internationally.
Zhang stepped down as CEO of ByteDance in 2021 but remains influential as the company’s largest shareholder.
Under his leadership, TikTok has grown into a cultural phenomenon with over a billion users worldwide.
