ByteDance Cofounder Zhang Yiming Is The Richest Person In China

Zhang Yiming, cofounder of TikTok owner ByteDance, has overtaken beverage giant Nongfu Spring chairman Zhong Shanshan as the richest man in China, according to the Forbes Real-Time Billionaires List.

Zhang, 40, clinched the crown for the first time with a fortune of $45.6 billion, a tad above Zhong’s $43.3 billion, according to Forbes estimates. He stepped down as chairman of the web giant in 2021 after resigning as chief executive earlier that year.

Zhang continues to derive his net worth from a stake in the privately held company, which Forbes thinks has a valuation of $217 billion based on analyst interviews and data from trading platforms where investors can buy and sell stakes in companies that aren’t publicly listed….Read Full Article