- Chinese companies such as ByteDance, the parent company of TikTok, are under attack.
- The ByteDance founder is China’s richest tech billionaire.
- These are the 10 richest Chinese billionaires in tech. Bloomberg’s 2023 Billionaires Index.
TikTok could soon be banned in the US due to national security concerns.
The ban will hit the company’s bottom line: Used by more than 150 million users in the US, TikTok is expected to generate $8 billion in advertising revenue for Americans alone by 2024. increase. According to insider intelligenceand its U.S. operations alone could be worth between $40 billion and $50 billion. According to Bloomberg.
Similarly, the net worth of Zhang Yiming, CEO of TikTok’s Chinese parent company ByteDance, which was $42.3 billion as of April 14, could decrease. He is one of many Chinese billionaires who have become rich by launching successful tech giants.
These Chinese billionaires are also pushing their own policies. In 2020, the Chinese government tightened regulations to crack down on tech companies. Since then, the Chinese Communist Party has launched initiatives like “Co-Prosperity” aimed at redistributing wealth among the masses in countries with high income inequality. Earlier this year, China withdrew some of these policies in response to weak GDP growth.
From the CEO of ByteDance to the founder of WeChat, here are the 10 richest tech billionaires in China.
All net worth values are based on the Bloomberg Billionaires Index as of 3:30 pm ET on April 14.