Founder of TikTok Owner Loses Nearly $13 Billion of Fortune

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According to Bloomberg, ByteDance’s market value fell in investment made in March. The change made an estimate of Zhang Yiming’s net worth drop to US$42.3 billion. Zhang Yiming, founder and CEO of ByteDance, owner of TikTok Shannon Stapleton/Reuters ByteDance co-founder Zhang Yiming lost $12.6 billion in his fortune, according to a Bloomberg survey. The drop came six months after the company that owns TikTok bought back shares from investors. The transaction made in September 2022 had values ​​that made ByteDance be valued at US$ 300 billion. But a deal made with investors from the United Arab Emirates in March made the company’s value drop to US$ 220 billion, according to Bloomberg. The new valuation makes Zhang Yiming’s net worth drop from US$54.9 billion to US$42.3 billion. Two years ago, the sum was at US$ 60 billion, which made the businessman one of the richest people in Asia. In testimony to Congress, TikTok Chief Executive Shou Zi Chew said the founders own about 20% of ByteDance. Bloomberg claims that the percentage is lower than the numbers reported in recent years. UNDERSTAND: Why countries are banning TikTok on government officials’ cell phones SECTION 230: US evaluates whether social networks can be held responsible for content posted by users Difficulties for TikTok Like most technology companies, the Chinese ByteDance has found it difficult to circumvent high interest rates and high inflation. In addition, the company is under pressure with countries banning the popular application on cell phones of public servants. France, the United States, Canada, New Zealand and other nations have adopted this measure. Governments claim they have been restricting access to the social network because ByteDance may hand over user data to the Chinese government, which would pose a risk to their countries’ national security. The company denies the allegations. “I understand that there are concerns arising from the inaccurate belief that TikTok’s corporate structure makes it dependent on the Chinese government or that it shares information about US users with the Chinese government. This is emphatically false,” Shou Zi Chew said in testimony to lawmakers. from United States.

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