TikTok’s dad or mum firm ByteDance founder Zhang Yiming has turn into one of the richest men in the world, regardless of the agency’s cashing cow TikTok remaining in scorching soup all through final yr.
According to the Bloomberg Billionaires Index, he’s worth $60 billion and is as wealthy as Chinese bottled-water king Zhong Shanshan and the Walton and Koch households in the US.
Yiming’s sudden accumulation of wealth has come after ByteDance was reportedly valued at $250 billion in the personal market.
Beating all odds
In 2020, TikTok was dealing with its most difficult time. The Indian authorities banned the quick video app, and the Trump administration tried its finest to pressure ByteDance to promote its US operations to an American agency.
Meanwhile, there was elevated scrutiny of Chinese authorities on the nation’s know-how firms. Despite all the stress, ByteDance has grown amid the pandemic, which elevated the urge for food of web customers.
Overall, the income of ByteDance grew 2x final yr after the firm expanded its play into areas resembling ecommerce and on-line gaming. The agency is now planning to record some of its enterprise by way of an preliminary public providing (IPO).
Ma Rui, associate at VC agency Synaptic Ventures reportedly mentioned, “Zhang is someone who’s known for thinking long-term and not easily dissuaded by short-term setbacks.” He additional added that Zhang is about on constructing a permanent, world enterprise.
There are some rumours in the trade that in the personal market, ByteDance buyers had been asking for the equal of a $350 billion valuation to half with their shares.
South China Morning Post has additionally reported that the firm’s valuation would possibly quickly contact $400 billion. This clearly implies that Zhang’s fortune goes to develop at a report tempo. However, he is likely to be nervous about Beijing’s elevated scrutiny on tech giants. Ant Group and its founder Jack Ma have already confronted the wrath, and different firms are reportedly in line.
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