BILLIONAIRE PROFILES: Zhang Yiming
Quick Facts About Zhang Yiming
- Zhang Yiming is the founder and chairman of Beijing ByteDance, China.
- Zhang, in 2013, was recognised by Forbes in China’s 30 Under 30 List.
- Beijing ByteDance is one of the largest media content platforms in China, as they raised $75 billion in 2018 and over $180 billion in 2021.
- ByteDance is the holding company for Toutiao and TikTok.
“We push information, not by queries, by news recommendations”
SECTOR/SOURCE OF WEALTH
TikTok, Apps Development
Bachelor of Engineering, Nankai University
People’s Republic of China
ZHANG YIMING’S NET WORTH (2021)
$35.8 BILLION US DOLLARS (Forbes)
SOCIAL MEDIA PAGES
RECENTLY IN THE NEWS. . .
As reported by Zheping Huang on Economic Times, “ByteDance Ltd.’s revenue more than doubled to about $35 billion last year, defying heightened global competition and Trump’s attempt to ban its signature video service TikTok in the U.S.
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The Chinese company managed to grow operating profit to roughly $7 billion in 2020 from less than $4 billion the prior year, a person familiar with the matter said. That’s in a year when former U.S. president Donald Trump sought to ban TikTok and force its sale to American investors led by Oracle Corp. With Joe Biden in office, the company is moving closer toward listing part of its social media empire in Hong Kong. The Information first reported on ByteDance’s 2020 financials.
ByteDance’s phenomenal growth stems from the global success of teen phenom TikTok and its Chinese twin Douyin, which helped pioneer a new form of social video and undercut rivals from Facebook Inc. to Tencent Holdings Ltd. Last valued at about $180 billion, the company is said to be exploring an initial public offering for some of its businesses in Hong Kong, including Douyin. A ByteDance spokesperson declined to comment…”