Connect with us

Hi, what are you looking for?

News

TikTok Founder, Zhang Yiming, 41 Becomes China’s Richest Man – Ravenewsonline

TikTok Owner
TikTok Owner

China has a new richest person and it’s the entrepreneur behind the app TikTok.

Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, released Tuesday, October 29.

His wealth reached $49.3 billion, as assessed by research, media and investment group Hurun Inc, which publishes the ranking of the country’s richest people.

Zhang’s ascendency comes after ByteDance’s global revenue grew 30% last year to $110 billion, Hurun said.

Since its official launch in May 2017, TikTok has been catapulted to mass global popularity as well as becoming an era-defining social media platform beloved by many young people around the world.

Zhang owns 20% of ByteDance, which he co-founded with college roommate Liang Rubo in Beijing in 2012. He stepped down as its CEO 2021 after building ByteDance into one of the biggest names in Chinese tech.

ByteDance also holds China’s popular news app Toutiao and Douyin, TikTok’s sister app in China.

Zhang’s rise to the top of the rich list knocked China’s “bottled water king” Zhong Shanshan out of the lead spot for the first time in three years, though he remained second.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Tech

European Union has fined Meta nearly €800 million for violating antitrust laws by automatically granting Facebook users access to its classified ads service, Facebook...

Tech

In the lead up to Anambra Innovation Week 2024, in a landmark collaboration poised to position Anambra State as Africa’s Silicon Valley, the United...

Business

Commander Mitchell Ofoyeju, the Tincan Island Port Commander of the National Drug Law Enforcement Agency (NDLEA), has expressed his admiration for QNET for championing...

Security & Crime

The Honourable Minister of Defence H.E Mohammed Badaru Abubakar CON mni has called on the Nigerian Airforce to intensify the use of their various...