Since its launch in 2016, TikTok has radically changed the social media landscape. Just two years after its debut, it quickly became the most downloaded app in the United States. It has held the top spot ever since. This success has had a major impact on founder Zhang Yiming, who is now the richest man in China. According to a BBC report, his net worth has increased to $49.3 billion, unseating mineral water mogul Zhong Shanshan, who had occupied Nongfu Spring for three years.
Zhang’s financial leap has been remarkable, with the BBC reporting that his wealth has increased by a staggering 46% compared to last year. Much of this growth can be attributed to ByteDance‘s recent success. The company is expected to report a staggering $120 billion in revenue in 2023, up 50% year-over-year, and it’s expected to continue to grow.
But things haven’t always been smooth sailing for TikTok. The app has faced a lot of international criticism, especially regarding user privacy. Earlier this year, ByteDance had to address a bill targeting TikTok over these concerns, and similar issues have cropped up in the EU and elsewhere.
Despite these challenges, TikTok is still going strong, boasting a solid 1.56 billion monthly users. This makes it the fifth most used social media app behind Instagram, which has around 2 billion active users, according to Adam Connell.
With new products introduced to attract more advertisers, TikTok is likely to continue to rise. This could allow Zhang to compete with billionaires from around the world, making the future of the app even more exciting.
