Zhang Yiming Net Worth and Biography will be covered in this article.

Zhang Yiming Net Worth

What Is Zhang Yiming Net Worth? According to Forbes Billionaires List, Zhang’s net worth is estimated at $59.4 billion as of 2021, making him one of the top 50 richest people in the world.

Who Is Zhang Yiming?

Zhang Yiming, is a Chinese internet billionaire. He founded ByteDance in 2012 and went on to develop Toutiao, a news aggregator, and TikTok, formerly known as Musical.ly, a video sharing platform. On November 4, 2021, Zhang Yiming stepped down as CEO of ByteDance, concluding a leadership change that took place in May 2021.

  • Name: Zhang Yiming
  • Date Of Birth: April 1, 1983
  • Age: 38
  • Nationalty: Chinese
  • Source Of Wealth: TikTok, Self Made
  • Net Worth: $59.4 Billion USD
Zhang Yiming
Zhang Yiming | Image Credit: Instagram

Zhang Yiming Early Life and Career

Zhang was born on April 1, 1983 in Longyan, Fujinan. He began studying microelectronics at Nankai University in Tianjin in 2001 before switching to software engineering and graduating in 2005. He met his wife at the university.

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Zhang started as the fifth employee and first engineer at the travel website Kuxun in February 2006, and he was promoted to technical director a year later.

Zhang left Kuxun in 2008 to work for Microsoft, but the company’s corporate standards stifled him. About a year later, he left Microsoft to join Fanfou, a firm that finally failed. Zhang took over Kuxun’s real estate search business in 2009, as Kuxun was set to be acquired by Expedia, and founded 99fang.com, his first firm.

ByteDance

Zhang believed that Chinese smartphone users were having difficulty finding information in 2012 mobile applications, and that the search firm Baidu was combining search results with hidden advertising. His idea was to leverage artificial intelligence-generated suggestions to promote relevant information to users. Most venture investors, however, did not share his vision, and he was unable to acquire finance until Susquehanna International Group decided to invest in the company. ByteDance created the Toutiao news app in August 2012, and it gained more than 13 million daily users in less than two years. After first rejecting Zhang, Sequoia Capital changed its mind and led a $100 million investment in the firm in 2014.

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In contrast to other Chinese IT CEOs, Zhang concentrated on developing ByteDance worldwide, rather than focusing on their firms’ domestic growth. Instead of focusing just on China, Zhang requested that ByteDance’s office productivity app Lark be targeted towards the American, European, and Japanese markets. Zhang’s management style at ByteDance was based after that of US internet giants like Google, with bi-monthly town hall meetings and a policy prohibiting staff from referring to him as “boss” or “CEO,” as is customary in China.

In September 2015, With minimal fanfare, ByteDance debuted their video-sharing software TikTok (known in China as Douyin). The product was an instant hit and quickly grew in popularity all over the world. A year later, ByteDance purchased Musical.ly for $800 million and merged it into TikTok.

The National Radio and Television Administration took down ByteDance’s initial app, Neihan Duanzi, in 2018.

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In response, Zhang apologized, saying the app was “incompatible with socialist basic principles,” that it had a “poor” implementation of Xi Jinping Thought, and that ByteDance will “further deepen cooperation” with the governing Chinese Communist Party to better promote its goals.

ByteDance is the most valuable company in the world as of late 2018, with over 1 billion monthly users across its mobile applications and a worth of $75 billion, overtaking Uber.

Zhang’s personal wealth is estimated to be $22.6 billion, ranking him ninth among Chinese billionaires.

In a judicial filing in September 2020, the US Department of Justice referred to Zhang as a “mouthpiece” of the Chinese Communist Party.

He stated that he will step down as CEO in May 2021 and will be succeeded by Rubo Liang.

Zhang Yiming Honors and Recognition

Forbes recognized Zhang to its 2013 China 30 Under 30 list. He was included to Fortune magazine’s 40 Under 40 list in 2018. Zhang has been named one of Time magazine’s 2019 100 Most Influential People.

Source: Unitedreporters.com.ng

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