TikTok’s founder net worth soars to $60 billion, becomes one of the richest men in the world

TikTok’s parent company ByteDance founder Zhang Yiming has become one of the richest men in the world, despite the firm's cashing cow TikTok remaining in hot soup throughout last year. 

According to the Bloomberg Billionaires Index, he is worth $60 billion and is as rich as Chinese bottled-water king Zhong Shanshan and the Walton and Koch families in the US.

Yiming's sudden accumulation of wealth has come after ByteDance was reportedly valued at $250 billion in the private market.

Beating all odds

In 2020, TikTok was facing its most challenging time. The Indian government banned the short video app, and the Trump administration tried its best to force ByteDance to sell its US operations to an American firm.

Meanwhile, there has been increased scrutiny of Chinese authorities on the country's technology companies. Despite all the pressure, ByteDance has grown amid the pandemic, which increased the appetite of internet users.

Overall, the revenue of ByteDance grew 2x last year after the company expanded its play into areas such as ecommerce and online gaming. The firm is now planning to list some of its business via an initial public offering (IPO).

Ma Rui, partner at VC firm Synaptic Ventures reportedly said, “Zhang is someone who’s known for thinking long-term and not easily dissuaded by short-term setbacks.” He further added that Zhang is set on building an enduring, global business. 

There are some rumours in the industry that in the private market, ByteDance investors were asking for the equivalent of a $350 billion valuation to part with their shares. 

South China Morning Post has also reported that the company's valuation might soon touch $400 billion. This clearly means that Zhang's fortune is going to expand at a record pace. However, he might be worried about Beijing's increased scrutiny on tech giants. Ant Group and its founder Jack Ma have already faced the wrath, and other companies are reportedly in line. 

 

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