Zhang Yiming (Chinese: 张一鸣; born April 1, 1983) is a Chinese internet entrepreneur. He founded ByteDance in 2012 and developed the news aggregator Toutiao and the video sharing platform TikTok (Douyin/抖音), formerly known as Musical.ly. As of October 2022, Zhang’s personal wealth was estimated at US$55 billion, according to Bloomberg Billionaires Index (US$49.5 billion, according to Forbes), making him the second-richest person in China, after Zhong Shanshan. On November 4, 2021, Zhang stepped down as CEO of ByteDance, completing a leadership handover announced in May 2021.
Zhang’s wealth is derived from his stake in ByteDance, the social media group behind video-sharing app TikTok. The Beijing-based company has more than 1 billion monthly users worldwide, according to a Nov. 3, 2021 Bloomberg News report. It had revenue of $80 billion in 2022, according to a April 3, 2023 report.
| Website | weibo.com/zhangyiming |
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Zhang is credited with about 20% of the company based on TikTok CEO’s prepared testimony in March 2023. ByteDance recorded private trades that put its valuation at about $220 billion, according to a March 15, 2023 Bloomberg News report.
The calculation of Zhang’s wealth was reduced by $13 billion on March 30, 2023 to reflect the latest information on the size of his stake and value of the company. ByteDance was previously valued at about $300 billion in a buyback scheme in September 2022, according to a Bloomberg News report.
A spokeswoman for the company declined to comment on Zhang’s net worth.
Biography
Early life and career
Zhang was born on April 1, 1983, in Longyan, Fujian, China.[6] In 2001, he enrolled at Nankai University in Tianjin, where he majored in microelectronics before changing to software engineering, and graduated in 2005. He met his wife at university.
In February 2006, Zhang became the fifth employee and the first engineer at the travel website Kuxun, and he was promoted to technical director a year later.
In 2008, Zhang left Kuxun to work for Microsoft, but felt stifled by its corporate rules. He soon left Microsoft to join the startup Fanfou, which eventually failed. In 2009, when Expedia was about to acquire Kuxun, Zhang took over Kuxun’s real estate search business and started 99fang.com, his first company.
In 2012, Zhang co-founded ByteDance, a Beijing-based business that provides news aggregation services. The company is said to have had revenue of about 50 billion yuan ($7.4 billion) in 2018. It reported a revenue of $17 billion in 2019. Bloomberg reported ByteDance’s valuation exceeds $100 billion in private markets in May 2020 and the company is seeking another $2 billion funding raising round at a $180 billion valuation in November 2020.
ByteDance
Zhang thought that Chinese smartphone users were struggling to find information in mobile apps available in 2012, and the search giant Baidu was mixing search results with undisclosed advertising. His vision was to push relevant content to users using recommendations generated by artificial intelligence. This vision was not shared by most venture capitalists, and he failed to secure funding until Susquehanna International Group agreed to invest in the startup. In August 2012, ByteDance launched the Toutiao news app and within two years attracted more than 13 million daily users. Sequoia Capital, which initially rejected Zhang, came around and led a US$100 million investment in the company in 2014.
Zhang focused on expanding ByteDance globally, as opposed to other Chinese tech CEOs who focused on the domestic growth of their companies. He insisted that ByteDance’s workplace productivity app Lark be targeted at the American, European and Japanese markets, rather than limiting the focus to China as originally proposed.[11] Zhang’s management style with ByteDance was modeled on US tech companies such as Google and included bimonthly town hall meetings and discouraging employees from calling him “boss” or “CEO”, as is the Chinese convention.
In September 2015, ByteDance launched its video-sharing app TikTok (known as Douyin in China) with little fanfare. The product was an instant hit with millennials and became popular worldwide. ByteDance bought Musical.ly a year later for US$800 million and integrated it into TikTok.
In 2018, the National Radio and Television Administration shut down ByteDance’s first app, Neihan Duanzi. In response, Zhang issued an apology, writing that the app was “incommensurate with socialist core values” and had a “weak” implementation of Xi Jinping Thought, and promised that ByteDance would “further deepen cooperation” with the ruling Chinese Communist Party to better promote its policies.
As of late 2018, with more than a billion monthly users across its mobile apps, ByteDance is valued at US$75 billion, surpassing Uber as the world’s most valuable startup.
In September 2020, the United States Department of Justice called Zhang a “mouthpiece” of the Chinese Communist Party in a legal filing.
In May 2021, Zhang said that he would step down as CEO and be succeeded by Liang Rubo.
In May 2023, The New York Times reported that a former employee accused Zhang in a lawsuit of facilitating bribes to Lu Wei.
Milestones
- 2012 ByteDance was founded in Beijing.
- 2014 Daily active users climbed to more than 13 million.
- 2015 Launched its first international product TopBuzz.
- 2017 Acquired News Republic, a global media news aggregator.
