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In 2020, in the early days of the coronavirus pandemic, millions of Americans found themselves idle and idle enough to turn the already popular video-sharing app TikTok into a full-fledged cultural sensation. Last year, ByteDance, the Chinese company’s parent company, became embroiled in controversy after former President Donald Trump threatened to condemn TikTok unless it sold its American interests to a US-based company. Although the Power Move was ultimately never fully implemented, the controversy fueled its popular appeal. The whole ordeal caused nothing but stress for ByteDance founder and app maker CEO Zhang Yiming. Recently, the reclusive Chinese businessman announced that he will step down from his position at the company in 2021, citing his social issues. How does Zhang, with his proven track record and vast personal wealth, pursue such enormous success?
Who Is The Tik Tok Application Maker
In 2020, Zhang found his company in the middle of an increasingly volatile war of words between his home country of China and Trump, fueled largely by the election of President Joe Biden, which he quickly overturned. The upcoming TikTok ban. Talks between Oracle and Walmart to buy TikTok’s US operations are still ongoing, although the selling pressure has eased a bit – for now. The attention, scrutiny and criticism of ByteDance has taken its toll on the CEO, a reluctant public figure who prefers to stay behind the scenes of practical innovation and run the day-to-day running of the company. His successor, ByteDance co-founder Liang Rubo, will take the top executive role, with Zhang better suited to run the company’s operations with a managing partner.
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Controversy in the US is not the only motivation for the resignation; Chinese President Xi Jinping intends to crack down on alleged technology monopolies and online businesses. Douyin, the Chinese equivalent of TikTok, has a larger audience and dominates the chorus of viral news and government propaganda rather than commentary or political discourse. With Liang taking the reins at ByteDance and CFO Chew Shou Zi now leading TikTok, Zhang may move into a behind-the-scenes role focused on the company’s broader ideas. The films coincide with ongoing rumors of an imminent public offering for the company, although there are currently no concrete plans to go public. With a net worth of about $35 billion, Zhang has the flexibility to sit back and see what happens.
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Meet Zhang Yiming, the secretive Chinese billionaire behind $44 billion TikTok who recently stepped down as CEO of ByteDance
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ByteDance CEO Zhang Yiming does his TikToks — and his senior staff should too. Visual China Group via Getty Images; Ruobing Su / Business Insider
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The massive popularity of TikTok has not only created a new generation of social media stars, but also social media billionaires.
Zhang Yiming, the 38-year-old engineer who founded ByteDance’s parent app company, is now worth $44.5 billion, Bloomberg estimates. Although Zhang is one of the richest people in China according to the Bloomberg Billionaires Index, he is very private and little is known about his personal life.
After nearly a decade at the company’s helm, Zhang stepped down as CEO this week, Reuters reported, telling employees that he is “not very social, he prefers solitary activities such as being online, reading, listening to music and thinking about what he can.” .
“It’s true, I don’t have some of the skills that an ideal manager has,” Zhang said, adding that he would be better suited to a role that doesn’t directly involve managing people, according to Reuters.
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According to the Bloomberg Billionaires Index, Zhang was born in 1983 in Fujian Province, China. Zhang’s parents worked as civil servants, Bloomberg reported.
According to the South China Morning Post, its name is based on the Chinese proverb “crush all first attempts”.
Zhang graduated from Nankai University in 2005, where he studied microelectronics before pursuing computer programming, the China Morning Post reported.
“I was one of the first employees. And I was the first officer, but in the second year I was in charge of about 40 to 50 people responsible for back-end technology and product-related work,” Zhang said. . ByteDance employees according to the South China Morning Post.
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“I remember in late 2007 I went to see a client with the business director,” Zhang said, according to the Post. “This experience taught me what it means to sell well. When I started Toutiao and recruited employees, these examples helped me a lot.”
According to Bloomberg, the company is now worth $250 billion, making it the most valuable private company in the world.
The company has several social media accounts that operate in China, Insider previously reported. The company released a WeChat competitor called Flipchat and a video messaging app called Duoshan in 2019.
Zhang wanted to create a news platform whose results are powered by artificial intelligence separate from Chinese search engine Baidu, InsiderPreviously reported.
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Despite its news focus, Zhang told Bloomberg’s Lulu Yilun Chen and Mark Bergen in 2017 that ByteDance, like many other social networks, has no journalists on its staff.
“The most important thing is that we are not a news entity,” Zhang told Bloomberg. “We’re like a business search or a social networking platform. It’s very interesting
In this picture taken by Reuters, the TikTok app logo can be seen on a large phone screen
In 2020, Insider reported that TikTok is the number one non-gaming iOS app
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