On October 29, an article titled "TikTok’s Founder Is Now China’s Richest Person" caught my attention. The extraordinary popularity of TikTok has propelled Zhang Yiming, the 41-year-old cofounder of ByteDance, to the top of China’s wealth list. I wrote down some thought on the news that day.
For the first time, Zhang has claimed the title of China’s wealthiest person, with a reported net worth of $49.3 billion, according to the Hurun China Rich List 2024 by the Hurun Research Institute.
Zhang’s wealth surge is largely driven by TikTok's global success and ByteDance’s extensive portfolio, which includes platforms like Toutiao and Douyin. With 150 million active users in the U.S. and over a billion worldwide, TikTok’s influence has substantially boosted ByteDance’s valuation, placing it among the world’s most valuable tech companies. Remarkably, TikTok’s popularity remains strong despite looming threats of a U.S. ban.
There’s a Chinese saying, “树大招风” (shù dà zhāo fēng), meaning “big trees catch strong winds.” This proverb suggests that those in high positions often attract attention, criticism, or challenges. Just as a large tree is more susceptible to strong winds, prominent figures or organizations frequently face scrutiny or envy, encountering greater risks or opposition than those who stay out of the spotlight. It serves as a reminder of the potential pitfalls of sticking out—a caution to keep a low profile.
With the new US administration next year, for Zhang, being China’s wealthiest person and the founder of ByteDance and TikTok may mean as many unexpected challenges as it does prestige.
Whether TikTok will be banned in the U.S. remains uncertain, but various factors make it a possibility, especially given the shifting political climate. Future regulations might range from a complete ban to operational restrictions on TikTok within the U.S. There’s also a chance that the Trump administration could negotiate a compromise.
Ultimately, TikTok’s fate will likely hinge on the next U.S. administration’s stance, ByteDance’s lobbying efforts, and potential concessions. Amid this uncertainty, however, its 150 million active American users remain without a voice in the debate.