ALBAWABA - Zhang Yiming, a Chinese internet entrepreneur and Former CEO of ByteDance, a Chinese internet technology company and the parent company of the famous TikTok platform, is now the wealthiest person in China, according to Forbes Real Time Billionaires List.
Zhang Yiming wealth and success
Zhang Yiming, the 40-year-old Chinese internet entrepreneur, enjoys a net worth of $45.6 billion. In 2021, Yiming stepped down as Chairman of ByteDance.
His wealth primarily comes from his shares in the company, which is valued at nearly $217 billion, according to Forbes.
ByteDance recent issues
It is worth noting that the company faced significant challenges after Yiming resigned in 2021. ByteDance is currently facing a legal battle in the US Supreme Court over a potential ban or divestment order issued by President Joe Biden in April 2024.
ByteDance managed to successfully boost its sales in 2023 to $120 billion compared to $80 billion in 2023, according to Bloomberg. (Shutterstock)
According to the US Supreme Court, ByteDance must sell the TikTok platform and application by January 2025 or face a ban. US lawmakers allege that its Chinese ownership poses national security risks. As a result, many ByteDance investors like Philippe Laffont, Founder of Coatue Management, are considering selling parts of their shares in the company in private markets.
On the other hand, ByteDance managed to successfully boost its sales in 2023 to $120 billion compared to $80 billion in 2023, according to Bloomberg. Additionally, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to over $40 billion, compared to $25 billion in 2022.
