Business & EconomyBusiness LineBusiness News

TikTok founder’s $60 billion fortune places him among the world’s richest people

BENGALURU- Just last year, the world’s most popular and valuable startup, the short video application TikTok owned by ByteDance Ltd, was squeezed from all sides and banned in several nations, most particularly in India. 

The impact of its influence was going crazy, but the moment it turned out to be a threat to the people’s data, Authorities decided to ban Chinese firms and online applications. 

The Donald Trump administration wanted the Chinese firm to get rid of assets. Meanwhile, when China’s capital city Beijing was cracking down on tech businesses in the marketplace, and on the other hand, India blacklisted some of its social media applications. 

Despite all the hindrances, ByteDance kept flourishing and even losing a wider audience base, it kept going and didn’t lose its grip in the online business. 

Now today is the day when its 38-year-old founder Zhang Yiming is among the world’s richest people. 

Shares of the firm trade in the private market at a valuation of more than $250 Billion, said by the person who knows about the dealing matter. 

Moreover, Zhang owns about a quarter of ByteDance, Which could be more than $60 Billion, placing him alongside Tencent Holdings Ltd’s Pony Ma, bottled-water king Zhong Shanshan and other members of the Walton and Koch families in the United States, as per the Bloomberg newest Report. 

The firm ByteDance is popular for its short video applications and news aggregator Toutiao. It had doubled and more revenue last year after growing beyond its core advertising business into areas such as eCommerce and online business like gaming. It has also been working towards the IPO (Initial Public Offering) of some of its businesses. 

On the matter, Ma Rui, partner at venture capital firm Synaptic Ventures said- “Zhang, someone who is known for thinking long-term and not easily distracted by short-term setbacks, is set on building an enduring Global Business”.

Note: This news is based on millions of articles over the internet, Global Business Line does not take any responsibility for the facts and information mentioned in this news article.

Content Protection by DMCA.com

Back to top button

Adblock Detected