Thu Sep 12 01:00:00 UTC 2024: ## ByteDance Founder Zhang Yiming Overtakes Nongfu Spring’s Zhong Shanshan as China’s Richest Man
**Fuzhou, China** – Zhang Yiming, co-founder of TikTok parent company ByteDance, has surpassed beverage tycoon Zhong Shanshan as China’s wealthiest individual, according to the Forbes Real-Time Billionaires List. Zhang, 40, now boasts a fortune estimated at $45.6 billion, slightly exceeding Zhong’s $43.3 billion.
Zhang’s wealth stems from his stake in ByteDance, which Forbes values at $217 billion based on market data and analyst insights. While ByteDance’s valuation has dipped from a peak of over $400 billion in 2021 due to geopolitical tensions and a tech downturn, Zhang’s wealth remains substantial.
Zhong, who held the title of China’s richest person for three consecutive years, is facing challenges with Nongfu Spring’s core bottled water business. The company’s stock has been declining, with investors reacting negatively to a significant drop in bottled water sales.
Despite his wealth, Zhang faces uncertainties with ByteDance. The company is battling a U.S. order demanding the sale of TikTok or its outright ban due to national security concerns. While ByteDance’s domestic business is thriving, with reported sales exceeding $120 billion in 2023, the future of its international ventures remains unclear.
Zhang, who stepped down as chairman in 2021, now resides in Singapore. He has handed over the reins to his college roommate Liang Rubo, who previously served as ByteDance’s head of human resources.
Analysts believe that ByteDance’s strong Chinese operations are keeping investor confidence despite the U.S. challenges. However, the company’s future hinges on navigating the political landscape and potential divestment of TikTok.
First Piper 