The founder of TikTok, Zhang Yiming, has emerged as the wealthiest individual in China, boasting a fortune nearing $50 billion (£38 billion).
Known as the “short video monarch”, the 41-year-old secured the top position on the Hurun China Rich List for the first time with a wealth of $49.3 billion (£37.9 billion).
Mr. Yiming resigned as the chief executive of ByteDance, the parent company of TikTok, in 2021.
He marks the 18th person to be recognized as China’s richest individual since the inception of the Hurun China Rich List 26 years ago.
He surpassed bottled water tycoon Zhong Shanshan, who fell to second place as his wealth dipped by 24% to $47.9 billion (£36.8 billion).
A number of billionaires on the list experienced significant declines in their fortunes over the past year due to challenging economic conditions in China.
This situation arises amidst a legal dispute regarding ByteDance’s assets in the United States, as TikTok faces the possibility of a ban in the US next year unless its parent company proceeds with a sale in light of allegations it is sharing data with the Chinese government—an assertion that it refutes.
Earlier this year, legislation was approved by the House of Representatives.
Should the bill be enacted, the owner of the widely-used video-sharing platform will be afforded nine months to identify a buyer, with an additional three-month extension possible while negotiations are underway, or they may confront a ban.
Read more from Sky News:
Hollywood actor imprisoned for involvement in US Capitol riots
Hotel structure collapses—individuals feared trapped
Tram crashes into store
The FBI has issued warnings that ByteDance could potentially disclose user data, including browsing habits, location, and biometric information, to the authoritarian regime in China.
TikTok asserts that it has never engaged in such practices and would resist doing so even if requested.
Notwithstanding the ongoing legal challenges, ByteDance’s global revenue surged by 30% last year, and Mr. Yiming continues to hold a stake in the company, which significantly contributes to his personal wealth.
China’s economy has faced a grim year, continuing to falter in the wake of COVID, grappling with a real estate crisis and an unstable stock market.
