TikTok's Zhang Yiming's Fortune More Than Doubles As The App's Global Popularity Grows

This story is part of Forbes' coverage of China’s Richest 2021. See the full list , founder of ByteDance—operator of the global social media phenomenon TikTok—is the biggest wealth gainer on this year’s China Rich List. He climbed seven spots to No. 2 as his fortune more than doubled to $59.4 billion.

The unlisted company’s upward valuation—estimated between $300 billion and over $400 billion—has also benefited investors that include KKR, Sequoia China and SoftBank. Revenue, including from Douyin, the domestic version of TikTok, more than doubled in 2020 to $34 billion from a year earlier. TikTok boasted 1 billion users worldwide in August, including a flock of younger faithful coveted by advertisers.Yet it’s been a tumultuous 18 months for the company.

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