TikTok founder becomes China’s richest man

Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, according to reports.

According to a list of the rich compiled by research institute Hurun, Zhang Yiming is now worth $49.3 billion (£38 billion), 43% more than in 2023.

Aged 41, he stepped down as CEO in 2021, but still holds around 20% of the company’s shares.

TikTok has become one of the world’s most popular social media applications, despite serious concerns in some countries about its links with the Chinese state.

Although both companies insist on their independence from the Chinese government, the United States intends to ban TikTok in January 2025, unless ByteDance sells it.

Despite this intense pressure in the U.S., ByteDance’s worldwide profits rose by 60% last year, boosting Zhang Yiming’s personal fortune.