Zhang Yiming Becomes China's Richest Person with $65.5 Billion

Zhang Yiming, the co-founder of ByteDance, has officially become China's richest individual with a net worth of $65.5 billion, largely due to his 21% stake in the company behind TikTok. ByteDance has seen its valuation fluctuate significantly, with estimates ranging from $240 billion to over $400 billion, reflecting strong investor confidence in its AI potential. Zhang's entrepreneurial journey began in 2012 from a small apartment in Beijing, driven by a vision to personalize content using machine learning, which has now positioned TikTok as a global leader with over a billion users. Despite stepping down as CEO in 2021, Zhang continues to play a critical role in ByteDance's strategic direction, particularly in artificial intelligence development. His rise parallels a broader optimism in China's tech sector, bolstered by a friendlier government stance and advancements in AI technology. This shift has resulted in a marked increase in the valuations of major tech companies, including ByteDance, amidst a recovering market.