Zhang Yiming (born April 1, 1983) is a Chinese Internet entrepreneur best known as the founder of ByteDance, the company behind the news aggregator Toutiao and the video-sharing platform Douyin (internationally known as TikTok). As of October 2024, Zhang's net worth is estimated at US$45.6 billion by Forbes and US$43.1 billion by the Bloomberg Billionaires Index. On November 4, 2021, Zhang stepped down as CEO of ByteDance, completing a leadership transition announced in May 2021. Despite stepping down, he retains over 50% of ByteDance's voting rights. The global success of TikTok contributed to Zhang becoming the richest person in China in 2024.
Early Life and Education
 | |
| Born | April 1, 1983 Fujian, China |
| Education | Nankai University (BEng) |
| Occupations | Internet entrepreneur, philanthropist |
| Years active | 2006–present |
| Known for | |
| Title | Founder & Chairman of ByteDance |
Zhang Yiming was born on April 1, 1983, in Fujian, China. His parents were civil servants, and he was their only child. In 2001, he enrolled at Nankai University in Tianjin, where he studied microelectronics and software engineering. He graduated in 2005 with a Bachelor of Engineering in Computer Engineering. During his time at university, he met his future wife.
Early Career
In February 2006, Zhang joined the travel website Kuxun as its fifth employee and first engineer. He was promoted to technical director the following year.
In 2008, Zhang left Kuxun to work at Microsoft but found the corporate environment too restrictive. He then joined the startup Fanfou, which later failed. In 2009, when Expedia was preparing to acquire Kuxun, Zhang took over its real estate search business and founded 99fang.com, his first company, which he exited three years later.
ByteDance
Founding and Vision
In 2012, Zhang founded ByteDance with the goal of improving mobile content discovery for Chinese smartphone users. He noticed that existing platforms, including the search engine Baidu, were mixing search results with undisclosed advertisements. Zhang aimed to use artificial intelligence-driven recommendations to deliver relevant content directly to users.
Initially, he struggled to secure venture capital until Susquehanna International Group agreed to invest. In August 2012, ByteDance launched the news aggregation app Toutiao, which gained over 13 million daily users within two years. Sequoia Capital, which had initially declined to invest, later led a $100 million funding round in 2014.
Global Expansion
Unlike many Chinese tech CEOs, Zhang prioritized global expansion. He pushed for ByteDance's productivity app Lark to target American, European, and Japanese markets rather than focusing solely on China. His management style was modeled on U.S. tech companies like Google, featuring bimonthly town hall meetings and discouraging the use of formal titles like "boss" or "CEO."
TikTok and Douyin
In September 2015, ByteDance launched Douyin (branded as TikTok internationally). The app became widely popular, especially among younger audiences. In 2016, ByteDance acquired the U.S. platform Musical.ly for $800 million and merged it with TikTok, further boosting the platform's international reach.
Controversies and CCP Ties
In 2018, the National Radio and Television Administration shut down ByteDance's comedy app Neihan Duanzi. Zhang publicly apologized, stating that the app failed to align with "socialist core values" and Xi Jinping Thought, pledging to strengthen ByteDance's cooperation with the Chinese Communist Party (CCP).
In September 2020, the U.S. Department of Justice referred to Zhang as a "mouthpiece" for the CCP in a legal filing. In May 2023, The New York Times reported that a former employee had accused Zhang of facilitating bribes to Chinese official Lu Wei.
Leadership Transition
In May 2021, Zhang announced he would step down as CEO, citing the need for a leadership transition. Liang Rubo succeeded him later that year.
Wealth and Net Worth
Zhang's global success with ByteDance, particularly through TikTok, contributed significantly to his wealth. As of October 2024, his net worth was estimated at $45.6 billion by Forbes and $43.1 billion by the Bloomberg Billionaires Index, making him the richest person in China.
Honors and Recognition
Zhang has received several prestigious accolades throughout his career:
- Named to Forbes China 30 Under 30 in 2013.
- Included in Fortune's 40 Under 40 list in 2018.
- Featured in Time magazine's list of the 100 Most Influential People in 2019.
Personal Life
Zhang is married to a woman he met while attending Nankai University. He maintains a private lifestyle despite his high public profile.
References
- Republic, M. (2024) TikTok founder becomes China’s richest man - matooke republic, Matooke Republic - Freshly peeled info from Uganda. Available at: https://www.matookerepublic.com/20241030/tiktok-founder-becomes-chinas-richest-man/ (Accessed: 09 January 2025).
- Zhang Yiming (no date) Forbes. Available at: https://www.forbes.com/profile/zhang-yiming/?list=rtb%2F (Accessed: 09 January 2025).
- Zhang Yiming - Founder, CEO ByteDance. biography (no date) buildd. Available at: https://buildd.co/startup/founder-stories/zhang-yiming (Accessed: 09 January 2025).
- Zhang Yiming height, weight, religion, net worth, age, biog (no date) The Famous Personalities. Available at: https://thefamouspersonalities.com/profile/ceo-zhang-yiming (Accessed: 09 January 2025).
