Journey of Zhang Yiming
Zhang Yiming is a Chinese technology entrepreneur and the founder of ByteDance, the world’s most valuable start-up. He founded ByteDance in 2012 and its flagship product, the news-aggregating application Toutiao, quickly gained traction in China. In November 2017, ByteDance acquired Musical.ly, a short-form video app, for reportedly US$1 billion, and merged it with the popular Chinese version of the app, Tik Tok. As of early 2020, ByteDance is valued at US$75 billion, making it the world’s most valuable private tech company.
Zhang Yiming was born in 1983 in Shaanxi Province, which is located in the center of China. He grew up in a middle class family and his father was a doctor. He studied computer science at Nankai University, where he developed an interest in technology and entrepreneurship. While he was enrolled at Nankai University, he founded the electronic music distribution platform Gungho, which was the precursor to ByteDance.
In 2012, Zhang Yiming founded ByteDance, with the aim of providing personalized content to users based on their interests and preferences. The company’s portfolio now consists of products such as Toutiao, a news-aggregator application; Xigua Video, a short video app similar to TikTok; TOPSports, a sports news app; and Duoshouji, a peer-to-peer payment platform.
The success of ByteDance has made Zhang Yiming one of the richest people in the world. According to Forbes, Zhang Yiming’s net worth is estimated to be US$16.2 billion and he is the 37th richest person in the world. In addition to this, he is currently ranked #6 on the Hurun Global Rich List, making him the richest person in China.
Experts Insight on How Much Money Does Zhang Yiming Make
According to Daniel Zhang, CEO of ByteDance, but, in an interview for Caixin Global, “The motivation for Zhang Yiming does not come from money. His ultimate goal is to build a powerful platform and develop products with global influence.”
Tariq Khan, a professor of business at MIT Sloan School of Management, told Business Insider that “Zhang Yiming has been instrumental in ByteDance’s success and has become one of the most successful entrepreneurs in China. He has created a powerful platform and many products with a truly global presence.”
New York Times technology reporter Raymond Zhong said, “Mr. Zhang’s success is the result of his focus on creating products that serve the masses — and understanding that the Chinese consumer is very different than the American consumer. He has done an exemplary job of understanding the needs of the Chinese consumer and creating products that not only meet their needs, but also resonates with them.”
Other Sources of Income
Apart from his investments in various companies and shares of ByteDance, Zhang Yiming has made investments in several tech startups. In 2019, he invested in two Chinese startups, FlashDelivery and Hygo, which develop transportation and grocery delivery services, respectively. The details of the investments were undisclosed.
In 2016, he invested in ‘Calledly’, a US-based startup that develops cloud-based voice-call software. He also invested in Yoto, which develops educational hardware. Zhang Yiming is also reportedly planning to launch an investment fund of US$1 billion to support startups in India and other countries.
Financial Organisations Evaluate Zhang Yiming’s Wealth
Several financial organizations have evaluated the wealth of Zhang Yiming. According to a Hurun report, Zhang Yiming had a net worth of US$14 billion as of 2019. This makes him the sixth richest person in China, and the fourth in Asia. That same year, Forbes estimated his net worth to be US$12.2 billion, making him the eleventh richest person in Asia. In 2020, his net worth was estimated to be US$16.2 billion, making him the 37th richest person in the world.
According to Nomura, an investment banking firm, the company has a market capitalization of US$77 billion, which is the highest valuation of any private Internet company in the world. At its current valuation, 4.2% of ByteDance is owned by Zhang Yiming, which equates to US$3.2 billion.
Zhang Yiming’s Impact on the Economy
Zhang Yiming’s success has made him one of the most influential entrepreneurs in the world and has had a huge impact on the Chinese economy. ByteDance is one of the most successful companies in the tech sector and has significantly contributed to the growth of the Chinese economy. According to a report by Hurun Research Institute, ByteDance is the largest contributor to employment among all Chinese companies in 2019.
Since 2015, ByteDance has created more than 55,000 jobs in China and is responsible for more than 13% of employment in the tech sector. Companies such as Tencent, JD.com and Baidu generate larger revenue than ByteDance, but it generates more jobs than any of them. ByteDance has become one of the most important companies in the technology industry and has contributed significantly to the economic growth of the country.
Impacts of Zhang Yiming’s Success
Zhang Yiming’s success has also had a significant impact on the tech sector in China. He has inspired many young entrepreneurs to start tech companies and has also encouraged more investment in the sector. According to a report by the National Bureau of Statistics of China, the venture capital investment in China increased from US$4.4 billion in 2012 to US$71.4 billion in 2019. This figure is likely to increase further in the near future, owing to the success of ByteDance and other leading tech firms.
As a result of Zhang Yiming’s success, he has become an iconic figure in China, who has inspired the country’s new generation entrepreneurs to pursue their dreams and achieve success. Though his journey has not been without its share of hardships, he has achieved tremendous success and has become a source of inspiration to entrepreneurs all over the world.
Zhang Yiming’s Business Malpractice
Though Zhang Yiming’s success has inspired many entrepreneurs in China, he has also been criticized for various business malpractices. For instance, Zhang Yiming has been accused of engaging in unfair trade practices to gain a competitive advantage over his rivals and of using copyright infringement to increase his profits.
In 2019, ByteDance was fined US$5 million for copyright infringement in China. This was due to the company’s practice of aggregating content from other sources and then distributing it on its own platforms. The company was also fined for collecting user information without the user’s consent.
Earlier in 2019, ByteDance was also fined US$1.1 million by the Chinese government for operating an illegal cryptocurrency exchange. ByteDance had attempted to launch an exchange platform which was deemed to be in violation of the Chinese bank’s regulations and was forced to shut down the service.
Zhang Yiming Moral Policies and Workplace Culture
Zhang Yiming has also been criticized for his moral policies and workplace culture. He has been accused of implementing policies that favor male employees and of running a workplace which is hostile towards women. Women employees have reported being repeatedly denied career opportunities and there have been reports of gender wage gap. ByteDance has been accused of maintaining a hierarchical workplace structure, in which senior employees often take advantage of their junior counterparts.
In June 2020, Zhang Yiming issued a statement in response to the allegations and asserted that the company has always maintained a fair and equal working environment for both male and female employees. However, many believe that ByteDance has still has to improve its workplace culture, to ensure that all employees are treated fairly and given all the necessary support and opportunities to develop their careers.
Zhang Yiming’s Social Responsibility Projects
Apart from his business activities, Zhang Yiming is also involved in several social responsibility initiatives. In 2016, he established the Zhang Yiming Hope Fund, which seeks to support education in underprivileged areas of China. The foundation has funded various schools and scholarships and has provided many young people with educational opportunities. In 2019, he founded a charitable fund, the ByteDance “Better World” Fund, which supports the protection of the environment, the advancement of education and social justice, and the promotion of innovation. The fund has already invested US$1 billion in projects related to these areas.
In addition, Zhang Yiming also creates opportunities for people to share their stories and to participate in ByteDance’s projects. He hosted the annual “ByteDance Creators Conference” in 2018, which saw over 700 participants from around the world share their stories and experiences. He is also committed to promoting the development of science and technology. He has launched several initiatives such as the ByteDance AI Lab, which focuses on artificial intelligence research, and the ByteDance Frontier Technology Institute, which focuses on developing cutting-edge technologies.
Zhang Yiming’s Media Presence
Zhang Yiming has a strong presence in the media. He is regularly featured in magazines and newspapers and is often invited to speak at conferences and events. He has been featured in numerous books and articles about technology and entrepreneurship. He has also been interviewed by leading newspapers and magazines such as the Financial Times, The New York Times, Forbes and Business Insider.
Zhang Yiming is also highly active on social media. He has more than 1.2 million followers on Weibo, the Chinese social media platform, and regularly updates his account with his thoughts and opinions on various issues. He also makes regular appearances in podcasts and television programs.
Zhang Yiming’s Leadership Style
Throughout his career, Zhang Yiming has earned the reputation of being an effective and demanding leader. He encourages open communication among employees and is known for his frankness and candor. He also believes in empowering employees and has created an environment in which employees can express their opinions and have their voices heard.
In addition, he has demonstrated an impressive ability to think strategically and to make decisions quickly. His decision to acquire Musical.ly in 2017 was considered to be a daring move, but it ended up being a masterstroke that has catapulted ByteDance to the top of the tech industry.
Zhang Yiming’s emphasis on innovation and his ability to think outside the box has led to the success of ByteDance and has made him one of the most successful entrepreneurs in the world.
