China's New Billionaire King: The 38-Year-Old Tech Genius Who Just Stole The Crown

Zhang Yiming, the founder of the popular video-sharing app TikTok's parent company ByteDance, has become the richest person in China, surpassing beverage giant Nongfu Spring Chairman Zhong Shanshan, according to recent reports.

Zhang's ByteDance, which he co-founded in 2012, has been a game-changer in the tech industry, with TikTok becoming one of the fastest-growing social media platforms in the world, boasting over a billion active users.

The 38-year-old tech genius has come a long way since he started his career in the early 2000s. Born in the southern province of Fujian, Zhang developed an interest in technology at an early age and went on to study microelectronics at the prestigious Nankai University in Tianjin.

After working for a few tech companies, Zhang decided to take the leap and start his own venture. He co-founded 99fang.com, a real estate search engine, in 2009. However, it was not until he founded ByteDance three years later that his fortunes truly began to change.

ByteDance initially started as a news aggregation app, but Zhang soon shifted the company's focus to short-form video-sharing, which eventually led to the creation of Douyin, the Chinese version of TikTok, in 2016.

The app quickly gained popularity in China, with its user base growing exponentially within a year. Zhang then took the app global, launching TikTok in international markets in 2017.

TikTok's massive success not only propelled Zhang to the top of China's rich list but also made ByteDance one of the most valuable start-ups in the world. The company was last valued at over $75 billion, making it one of the most valuable privately-held companies globally.

Zhang's rags-to-riches story has inspired many young entrepreneurs in China, who see him as a role model. His success has also put the spotlight on China's growing tech industry, which has been driving the country's economic growth in recent years.

As the richest person in China, Zhang Yiming is now worth over $40 billion, according to reports. His net worth is expected to continue to grow as ByteDance and TikTok expand their user base and explore new revenue streams.