TikTok Founder Zhang Yiming Tops China's Rich List Amid Legal Challenges

Zhang Yiming's wealth has surged, making him China's richest person, as TikTok faces potential US ban over ownership concerns.

Zhang Yiming, founder of ByteDance, has amassed a fortune of up to $75 billion, surpassing previous richest man Zhong Shanshan.
Zhang's rise comes during a challenging economic period for China, with a significant reduction in the number of billionaires.
TikTok, with nearly 200 million US users, is facing a potential ban unless it separates from its Chinese parent company by January 2025.
Zhang stepped down as CEO of ByteDance in 2021, focusing on innovation rather than management amid regulatory pressures.
China's rich list reflects a shift towards technology and renewable energy sectors as traditional industries face restructuring.