Zhang Yiming Net Worth: How TikTok Founder Built A Multibillion Empire

Zhang Yiming’s net worth is $16.2 billion. Here’s how the TikTok founder made billions from producing content.

Zhang is the founder of ByteDance that owns TikTok. Founded in 2012, ByteDance is now valued at $75 billion as reported by Business Insider, thanks to several apps that are only available in China. Since other apps that are enjoyed overseas are not available in the country, ByteDance created Flipchat, Duoshan, Xigua Video, TopBuzz, BuzzVideo and Toutiao. In 2016, Douyin was launched, which is TikTok’s name in China.

During the pandemic, TikTok downloads skyrocketed because the app allows users to create content even in their homes. In 2019, TikTok recorded over 1 billion downloads in the U.S.

The 37-year-old billionaire shies away from the spotlight and rarely gives interviews but he admitted he owns an account on the social media app. In their company, Zhang challenges his employees to create videos and see whoever gets the most likes, per Money.

It is not yet clear how influencers can get paid via TikTok but the app offers in-app purchases, the same way creators get a share of purchases in social media app Muscal.ly, which ByteDance acquired in 2017. The company then merged the music app into TikTok.

The Nankai University graduate was named a member of Forbes China 30 Under 30 List. He also made the richest men in China list, taking the 10th spot in 2019. This year, he is ranked 61st on the billionaires list of Forbes.

TikTok, which is backed by Sequoia Capital China, has faced increased scrutiny in the U.S. over allegations that it collects information from users without permission. It paid a fine of $5.7 million to the Federal Trade Commission as a consequence. President Donald Trump called for the banning of the app in the U.S., a move which Zhang labeled as “unreasonable.”

Several celebrities who have TikTok accounts include Bella Hadid, Hailey Bieber, Jennifer Lopez, Mariah Carey, Tinashe and Emily Ratajkowski, among others. What makes the app appealing to both the older and younger generations is that it offers built in background music and video filters, making it easier to produce content even for those who don’t know how to edit videos.

Although little is known about Zhang’s personal life, aside from the fact that he is a multibillionaire and married, his business ethics remain popular. He actively participates in product plan discussions even if he should not have to as one of the high ranking executives of the company.