Zhang Yiming, Founder of ByteDance, Becomes China's Richest Person with a Fortune of $49.3 Billion
With a personal fortune of $49.3 billion, Zhang Yiming, the founder of ByteDance, has become the richest person in his native country, according to the "Hurun China Rich List."
As the first self-made Chinese billionaire born in the 1980s, he is the 18th person to be crowned the richest in China over the past 26 years since the list's first publication. He has surpassed Zhong Shanshan, founder and president of Nongfu Spring, China's largest beverage company.
Zhong Shanshan has slipped to second place, with his fortune dropping by 24% to $47.9 billion. The third on the list is Pony Ma, the low-key founder of Tencent.
Despite a legal battle over his American assets, ByteDance's global revenue increased by 30% last year, reaching $110 billion.
