TTB White LOGO TB
  • News
  • PC & Hardware
  • Mobiles
  • Gaming
  • Electronics
  • Gadget
  • Reviews
  • How To
Trending
Hear Your Results: Google Tests Voice Summaries for Search
Android Instant Apps Shut Down: Why Google’s Big Bet Failed
Quick Keys in macOS Tahoe: Type Less, Do More With Spotlight
Post-Quantum Cryptography Explained Simply
Modular Cameras – How They Work and Why They Matter
Monday, Jun 16, 2025
The Tech BasicThe Tech Basic
Font ResizerAa
Search
  • News
  • PC & Hardware
  • Mobiles
  • Gaming
  • Electronics
  • Gadget
  • Reviews
  • How To
Follow US
TikTok News
The Tech Basic > News > TikTok News: New Heights for TikTok Founder as China’s Richest Man
News

TikTok News: New Heights for TikTok Founder as China’s Richest Man

Jiayi Mingze
Last updated: 30 October 2024 15:06
Jiayi Mingze
Share
Image Source: CNBC
SHARE

After the rise to fame of TikTok, its co-founder Zhang Yiming has climbed into a place among China’s wealthiest individuals. Pledging to teach one billion people how to dance, TikTok pioneer shares China’s richest individual title with a $49.3 billion fortune. This is 43 percent more valuable than in 2023 when he stepped aside from an active role at ByteDance in 2021. The tech giant has proved financially robust globally, struggling ably with growing scrutiny locally, Zhang still holds a roughly 20 percent stake.

Contents
TikTok’s Global Success Amidst ControversiesThe Billionaires’ Shift in ChinaZhang Yiming’s Legacy in the Tech World

TikTok’s Global Success Amidst Controversies

ByteDance’s profits have soared by 60 percent last year thanks to TikTok becoming a worldwide sensation that’s won over millions of users. However, there were difficulties with the app’s swift ascent. Security still remains an issue in the US where it has been accused of giving user data to the Chinese government. While ByteDance and TikTok steadfastly deny any collusion with state authorities, the fate of the platform in the US is uncertain. The House of Representatives has now passed legislation requiring ByteDance to sell TikTok by January 2025, or risk being banned outright. But if the legislation fully passes into law, ByteDance will have nine months to effectively sell its company and a three-month extension, showing how hugely important the outcome is for Zhang and his company.

TikTok News

The Billionaires’ Shift in China

Bottled water mogul Zhong Shanshan falls 24 percent to $47.9 billion to slip off the Hurun China Rich List as Zhang Yiming becomes first new entrant in 10 years in 18th place, with $47.6 billion. Whereas Zhang’s growth was impressive, many on the list declined in their fortunes this year, with just about a third of China’s wealthy seeing their fortunes improve. Zhang’s rise notwithstanding, fortunes have not been kind to other many. China’s rich list contracted for a third straight year, with sectors such as real estate, green energy and tech struggling, said Rupert Hoogewerf, head of China rich list compiler Hurun.

Pony Ma, the head of Tencent, is a tech titan, but volatile market conditions and regulatory shifts have taken their toll on the firm’s influence. Many stalwarts became mixed fortunes, including Xiaomi in the smartphone market, and those companies that have businesses in solar panels, lithium batteries, and electric vehicles cleaved severely due to oversupply price fluctuations, and tariff threats. This challenging landscape has shown the strength of tech companies like ByteDance to continue to grow despite the overall headwinds China’s economy faces recovering from the pandemic’s impact.

Zhang Yiming’s Legacy in the Tech World

At the summit of wealth in China, Zhang Yiming and TikTok’s legacy are both a matter of personal and professional wins in a complicated global picture. The cultural significance of TikTok worldwide is represented by his title as the “short video king,” which symbolizes that digital media consumption has lost its previous orientation. But TikTok’s chances of navigating the geopolitical pressures it faces will likely mark the next chapter with Zhang and ByteDance, as it contemplates its fate in losing access to the giant US market.

TikTok News

While it is obvious that the fate of TikTok in the US is a hot point of interest for industry watchers and users alike, the app’s global expansion and overall endurance are facing the most scrutiny yet. ByteDance’s performance shows the healthy and powerful generation of ‘China’s tech entrepreneurs’ led by Zhang, who have constantly deftly made changes and thrived in the face of a slowing economy and intense global competition.

TAGGED:Mobile Apps
Share This Article
Facebook Reddit Copy Link Print
Share
Jiayi Mingze
By Jiayi Mingze
Follow:
Jiayi Mingze is blog writer who specializes in latest innovations in sound and headphones. She works for an IT firm and also writes for technology blogs. She started her writing career from newspapers. She is ambitious and hardworking woman who believes in excellence and intellect.

Let's Connect

FacebookLike
XFollow
PinterestPin
InstagramFollow
Google NewsFollow
FlipboardFollow

Popular Posts

Google

Hear Your Results: Google Tests Voice Summaries for Search

Salman Akhtar
MARCA

Android Instant Apps Shut Down: Why Google’s Big Bet Failed

Salman Akhtar
macOS Tahoe

Quick Keys in macOS Tahoe: Type Less, Do More With Spotlight

Salman Akhtar
Post-Quantum Cryptography

Post-Quantum Cryptography Explained Simply

Salman Akhtar

You Might Also Like

Signal
How To

How to Keep Your Phone Number Hidden on Signal

Adobe Android
News

Android Users Gain Access to Photoshop in a Free Beta Release

Apple
News

Apple Prepares a New Games App for WWDC

Apple
News

New US Bill Could Force Apple to Allow Competing App Stores

Social Networks

Facebook-f Twitter Instagram Pinterest Rss

Company

  • About Us
  • Our Team
  • Contact Us

Policies

  • Disclaimer
  • Privacy Policy
  • Cookies Policy
Latest
Inside the Terahertz Communication – How 6G Will Reshape Wireless Connectivity
Apple AI Roadmap: Contextual Siri 2026, Knowledge Chatbot & Copilot
Meta Slams Down on Nudify Apps After Critical Exposure
Your Photos Reborn: iOS 26’s Tabbed Interface and AI-Powered 3D Revolution
New from Logitech: Sleek iPad Case with a Compact, Removable Wireless Keyboard

© 2024 The Tech Basic INC. 700 – 2 Park Avenue New York, NY.

TTB White LOGO TB
Follow US
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?