The founder of TikTok’s parent company, ByteDance, Zhang Yiming, suffered a $17 billion loss in his personal fortune last year, according to a ranking by Chinese firm Hurun. Despite this loss, Zhang still ranks second on the list of the richest entrepreneurs under 40, with a fortune estimated at $37 billion.
The cause of the decline in his fortune is not publicly known, but it is still a significant and remarkable figure considering his vast wealth. Above Zhang on the list of richest entrepreneurs under 40 is Mark Zuckerberg, the founder and CEO of Meta, which owns Facebook and Instagram, with a fortune estimated by Hurun at $68 billion.
Zhang co-founded ByteDance in Beijing in 2012, and the company achieved success in the competitive Chinese market with its popular video app Douyin. Its international version, TikTok, has become extremely popular with teenagers around the world, although it has raised concerns about the security of user data and the potential influence of the Chinese government.
Following a tightening of regulation in the technology industry in China, Zhang resigned from the conglomerate in 2021 and currently resides in Singapore. Although ByteDance has experienced some challenges and controversy in recent years, the company remains one of the most valuable in the world, with an estimated valuation of more than $400 billion.