- Tram Ho
Just last year, ByteDance – the parent company of TikTok, the world’s most valuable startup, was still under pressure from many sides. The Trump administration wants the company to sell off its US assets. Meanwhile, back home, they have come under pressure as the Beijing government takes a hard step in reorganizing tech startups. Not to mention that India has blacklisted some of its social networking apps.
However overcoming all those obstacles, ByteDance still thrives. Currently, the company founder Zhang Yiming, 38 years old, is one of the richest people in the world. However, this frightened him rather than rejoiced.
Its shares are traded on the private market at a valuation of more than $ 250 billion. At this level, Zhang, who owns 1/4 ByteDance, can have a fortune of more than $ 60 billion, putting him in the same ranks with people like Pony Ma, bottled water magnate Zhong Shanshan and even more. the Waltons.
ByteDance is best known for its short video apps TikTok and news gathering app Toutiao. Last year, the company’s revenue doubled after expanding beyond advertising, turning to e-commerce and online games. They are currently considering IPO options in some businesses.
“Zhang is a well-known person who thinks in the long run and is not easily convinced by short-term success,” said Ma Rui, an investor. “He’s setting up a global, sustainable business.”
In the latest fundraising round, ByteDance has reached a value of 180 billion USD, up 20 billion USD compared to 3 years ago. However, a source from Bloomberg revealed, in the private market, a few investors recently sold the company’s shares at a valuation of $ 350 billion.
However, this seems to be bad news for Zhang as this time in China, the government is trying to re-adjust the power of large domestic corporations and their billionaire founders.
Just look at Jack Ma to know. After being investigated for monopoly allegations, Chinese authorities fined Alibaba a record $ 2.8 billion fine and the country’s central bank was even forced to reform Ant’s entire financial empire. Group.
Although ByteDance is not currently the target of the Chinese government, their dominance in the social networking field as well as the advantage of executing their agreements lie in sensitive areas where the Chinese government Quoc is eyeing.
“There will be no more difficult games in the US with Mr Trump, nor the potential to be banned or forced to sell assets. However, pressure on technology share prices and the Chinese government is part of what could lead ByteDance to encounter. hard”.
Born in southern Longyan province, Zhang is the only son in the family. He studied programming at Nankai University. Here he has attracted a lot of followers on the school’s online forums by always fixing computers to help classmates. He joined Microsoft when he just graduated later because he was bored with his job, so he thought about starting a business.
Zhang’s breakthrough came in 2012 when, from an apartment in Beijing, he created ByteDance’s first blockbuster – a comedy-sharing app that was later ordered to be removed by the authorities.
After making efforts in the news app, Zhang created TikTok, the application of more than 1 billion users globally and a twin app dedicated to the Chinese market called Douyin. This company has attracted famous investors including Softbank, Sequoia Capital …
Source : Genk