How Much Is Zhang Yiming Worth?
In 2014, the Chinese internet entrepreneur and investor Zhang Yiming co-founded ByteDance, the company behind the popular TikTok app. Since then, Europe, the United States, and much of the world has come to know the name Zhang Yiming. But many have also asked “how much is Zhang Yiming worth?”
Though exact figures are hard to come by, according to Forbes, Zhang Yiming’s net worth is currently estimated to be around $22 billion. This makes him one of the wealthiest people in China, and one of the richest people in the entire world. Zhang Yiming even made the Bloomberg Billionaires Index’s list of the 500 Richest People in the world.
But it is not just his position on the list that stands as an impressive testament to his worth and his accomplishments. Before founding ByteDance in 2012, Zhang Yiming had a varied career. He worked for Microsoft, then went on to create a range of consumer-facing Internet startups. His success at ByteDance, however, has propelled him to true stardom within the tech industry.
The trend of streaming-video apps has established ByteDance at the forefront of a huge opportunity. In 2018, ByteDance doubled its revenue, and by 2019, the company was earning around $17 billion annually. With its success, ByteDance has been able to expand its reach to India, Indonesia, and other countries across Asia. Now, the company is also investing its profits into developing AI technology.
Though Zhang Yiming does not have much of a public presence, the success of ByteDance and the value of Zhang Yiming’s investments across different enterprises make it clear that he is much more than an ordinary entrepreneur. His net worth puts him in a league of his own, and it is clear that despite being relatively low-profile, he is a force to be reckoned with.
Early Career and Education
Zhang Yiming, born in 1983, obtained his undergraduate degree from Nankai University in Tainjin. He then attended Cheung Kong Graduate School of Business—founded by Jack Ma—where he received his EMBA in 2009.
After graduation, Zhang Yiming began working at Microsoft Research Asia and then served as the Director of Business Development at Microsoft Beijing. He moved in a more entrepreneurial direction when he founded the mobile internet portal 9911.cn and the news aggregator Tintant.cn. In 2012, Zhang Yiming founded ByteDance.
ByteDance
ByteDance was launched as a Q&A platform called Knowledge Information Card and was then rebranded as Toutiao. Due to its popularity, the company expanded to India and Japan and expanded its product range. One of their earliest successful apps was a news aggregation platform called Jinri Toutiao, and this was followed by TopBuzz and Xigua Video.
By 2018, Toutiao had become one of the most popular apps in China, and the company had raised around $3 billion from different investors. ByteDance also developed Duoshan, a rival product to Snapchat, which soon became the most downloaded app in China in just two months.
However, their flagship app TikTok, launched in 2016, has proven to be the most successful and popular. This app takes short videos and uses AI-driven algorithms to make suggestions of videos to users based on their interests. It also comes with a library of enhanced soundtracks and voiceover recordings, making content-creation easier than ever.
Investments and Interests
Zhang Yiming is clearly a savvy investor. His company ByteDance has taken stakes in numerous startups, including artificial intelligence and computer vision company Megvii and Agora.io, a real-time audio and video streaming provider. He also has an investment in Kuaishou, the Chinese equivalent of TikTok.
He has also invested in the internet startup Pinduoduo, an online marketplace for groceries, fashion and other consumer products. Pinduoduo has had great success and is now one of the top internet companies in China. Zhang Yiming’s investments have also brought him into contact with some of the biggest business names like Jack Ma, Pony Ma, and Wang Xing.
In addition to investing and managing his business affairs, Zhang Yiming has also always taken an interest in Chinese literature and the Chinese language. He was even selected as one of the People’s Literature Writers and Literary Editors, a testament to his passion for the Chinese language and culture.
Relationships and Family
Zhang Yiming is also known for being a bit of a workaholic. His wife has stated that “He’s a very strict person”, and that he works to make sure that his family is happy and well taken care of. He is also involved in philanthropic work, frequently donating to different causes and charities.
In 2018, Zhang Yiming and his wife established their own charity, The Mo-Liang Foundation, which funds social causes such as giving scholarships to college students in need.
Criticisms of ByteDance
Though ByteDance has experienced a lot of success, the company has also come under fire in recent years. TikTok has been criticized for spreading disinformation, as well as for its role in promoting internet censorship and its facilitation of data mining activities. ByteDance has also been accused of promoting political compliance and “hive mind” thinking.
In response to these issues, ByteDance has adopted a system of content moderation and is now taking steps to address the potential security risks posed by its apps. As part of this effort, the company is also introducing new measures to protect user data and protect the privacy of its users.
Conclusion
Zhang Yiming’s success as an entrepreneur and investor speaks for itself. From his earliest career moves to his current status as one of the world’s wealthiest people, his story is an inspiring one. His commitment to philanthropy and to his family is also worth commending. However, despite his success, ByteDance has come under fire and is now making efforts to address the potential security risks and data privacy issues posed by its apps.
