Zhang Yiming Net Worth 2023: Ever wondered how much TikTok’s founder is worth? Read on, as we take you through the biography, earnings, salary, and net worth of Zhang Yiming. You’ll also learn how Zhang Yiming made his fortune.
Who is Zhang Yiming and How Much is He Worth?
- Age: April 1, 1983
- Profession: Entrepreneur
- Source of Wealth: TikTok
- Country: China
- Net Worth: $50 billion
Zhang Yiming is a Chinese internet entrepreneur and the founder of the popular video-sharing app, TikTok. In 2012, Zhang founded the company ByteDance and went ahead to develop the news aggregator Toutiao and the video-sharing platform, TikTok (Douyin).
Zhang has an estimated net worth of $50 billion. On May 20, 2021, Zhang stepped down from his role as the CEO of ByteDance.
Early Life
Zhang Yiming was born on April 1, 1983 in Longyan, Fujian, China. He grew up in the southeastern city of Longyan, and he is the only son of civil servants.
Zhang studied at Nankai University in Tianjin, where he majored in microelectronics before switching to software engineering. He met his wife at the University.
Zhang previously worked as an engineer at the travel website Kuxun, and he was promoted to the position of technical director after a year.
After leaving Kuxun in 2008, Zhang started work at Microsoft, however, he felt stifled by the corporate rules of the company. He left Microsoft to join the startup Fanfou, however, the project failed.
In 2009, Kuxun was acquired by Expedia, however, Zhang took over Kuxun’s real estate search business and started “Jiujiufang” -a vertical real estate search engine. This was Zhang’s first company.
How Did Zhang Yiming Make his Fortune?
Zhang first had the idea of a news aggregation app powered by artificial intelligence in 2012. However, most capital investors including Sequoia Capital were sceptical. He later succeeded to secure funding from Susquehanna International Group for his startup.
In August 2012, his company ByteDance launched the Toutiao news app and within two years had more than 13 million daily users. Sequoia Capital, which was sceptical about its startup finally came around with a $100 million USD investment in the company in 2014.
Zhang’s focus was to expand ByteDance globally. He modelled his management style to that of US tech companies such as Google and included bi-monthly town hall meetings. He also discouraged employees from referring to him as “boss” or “CEO” as is conventional in China.
In September 2015, he launched its first video-sharing app TikTok (known as Douyin in China). The app had an instant hit and has become popular worldwide. In 2016, ByteDance acquired Musical.ly for US$800 million and integrated it into TikTok.
As of January 2021, TikTok was estimated to have 689 million monthly active users worldwide. This makes it the seventh-largest social platform ahead of others that have been around much longer.
Presently, ByteDance is valued at US$178 billion, surpassing the likes of Uber to become the most valuable startup in the world.
In May 2021, Zhang stepped down from his role as the CEO of ByteDance, and he is being succeeded by Rubo Liang.
Personal Life
Zhang Yiming is happily married to his college sweetheart. The couple met at Nankai University in Tianjin, China. The couple has been married for years now. However, much information about his wife has not been made public for now.
Award and Achievements
Zhang has received numerous honours and recognition for his entrepreneurial skill.
In 2013, he was named on the China 30 Under 30 list by Forbes. Also, in 2018, he was listed in Fortune magazine’s 40 Under 40. He also made it to Time’s magazine’s 100 Most Influential People of 2019.
Zhang Yiming Net Worth, Salary and Earnings 2023
Zhang Yiming has an estimated net worth of $50 billion. Most of his wealth is derived from his stake in ByteDance, a social media company adjudged as the world’s most valuable startup.
According to a March 30, 2021 report, the company had a revenue of US$35 billion in 2020. ByteDance has a market value of US$178 billion. Zhang owns a 25% stake of the company, which contributes to his net worth.
With a net worth of $35.8 billion, Zhang is ranked as the 7th richest man in China.
Summary
Zhang Yiming is a Chinese internet entrepreneur and and founder of the social media group ByteDance. Zhang’s net worth is estimated at $50 billion. He is one of the richest man in China. In May 2021, he stepped down as the CEO of ByteDance.
