TikTok founder Zhang Yiming becomes China's richest man with almost $50bn fortune

This comes as TikTok's owner ByteDance is fighting legislation in the US that could see the app banned in the country.

Tuesday 29 October 2024 20:37, UK

TikTok's founder Zhang Yiming has become China's richest man with a fortune of almost $50bn (拢38bn).

Dubbed the "short video king", the 41-year-old topped the Hurun China Rich List for the first time with $49.3bn (£37.9bn).

Mr Yiming stepped down as chief executive of ByteDance, TikTok's parent company, in 2021.

He is the 18th individual to be crowned China's richest person in the 26 years since the Hurun China Rich List began.

He dethroned bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24% to $47.9bn (£36.8bn).

A number of the billionaires on the list saw their fortunes plummet over the past year with difficult economic conditions in China.

This comes during a legal battle over ByteDance's US assets as TikTok could be banned in the US next year unless its parent company goes through with a sale amid accusations it is giving data to the Chinese government - something it denies.

Legislation was passed by the House of Representatives earlier this year.

If the bill becomes law, the owner of the popular video-sharing app will have nine months to find a buyer, with a possible three-month extension while a sale is in progress, or face a ban.

The FBI has warned that ByteDance could share user data, such as browsing history, location and biometric identifiers, with China's authoritarian government.

TikTok has said it has never done that and would not do so if asked.

Despite the battle, ByteDance's global revenue grew 30% last year, and Mr Yiming still has a stake in it, helping propel his personal fortune.

China's economy has undergone a difficult year and has continued to lag in the aftermath of COVID, with a real estate crisis and a volatile stock market.

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