Zhang Yiming, cofounder of ByteDance, has surged to the top of China's wealth rankings with a net worth of $49.3 billion, largely due to TikTok's explosive growth.
TikTok’s outstanding performance has driven ByteDance's valuation past $225 billion, contributing significantly to its estimated revenue of $110 billion, with the app alone valued around $100 billion.
Despite facing a potential U.S. ban over national security allegations, TikTok maintains its popularity, boasting over 150 million monthly users in the U.S. alone.
The Hurun China Rich List saw a significant decline this year, with total wealth dropping 10% to $3 trillion and the number of billionaires falling from 1,185 to 753.
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