Zhang Yiming, the co-founder of TikTok, became the richest man in China

Zhang Yiming, co-founder of ByteDance, the parent company of TikTok, has reached the top of China’s rich list with a net worth of $49.3 billion, according to the Hurun Research Institute.

Despite stepping down from his role at ByteDance in 2021, Zhang retains a 20% stake in the company, which contributed to a 43% increase in his wealth over the past year.

ByteDance, currently under pressure to sell TikTok in the U.S., saw its profits surge by 60% last year, reaching approximately $110 billion, significantly boosting Zhang’s fortune.