Tik Tok has about 1 billion users and is the world’s 7th most used social media platform. The app lets its users create, discover, and share short videos. Tik Tok has a Chinese version known as Douyin. So, who owns Tik Tok?
The social media platform is owned by a Chinese company called ByteDance. The company is owned by Zhang Yiming, a Chinese billionaire and one of the wealthiest people on the planet with an estimated net worth of $59.4 billion.
Zhang founded ByteDance in 2012 alongside Liang Rubo. The company is also famous for its Chinese news app Toutiao. Zhang is the chairman and former CEO of ByteDance.
At just the age of 38, Zhang Yiming is also the second-richest person in China after Zhong Shanshan who is worth $75 billion. Zhang’s wealth has grown by $23.8 billion over the last year.
The billionaire was worth $35.6 billion in 2021 and was ranked the 39th world’s wealthiest individual by Forbes. In 2019 and 2020 his net worth was about $16.2 billion. He also was worth only $4 billion in 2018.
As of 2022, Zhang is ranked by Forbes as the 22nd wealthiest individual in the world. He owns about 22% of ByteDance. The company is valued at more than $350 billion. In 2021, the company had revenues in excess of $58 billion and has more than 2 billion active users every month across all of its content platforms.
Last year Tik Tok was ranked by Cloudflare as the most visited website of 2021 overtaking google.com. According to Morning Consult, Tik Tok is also one of the fastest-growing brands globally along with other apps such as Zoom.
Zhang Yiming’s wealth is equal to 0.213% of the GDP of the United States. It’s also equal to 0.543% of the total wealth of the world’s 500 richest people.
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A bit of History…
The billionaire was born on April 1, 1983. In 2005, he graduated from Nankai University with a Bachelor’s degree in software engineering.
After graduation Zhang worked as an engineer in companies such as Kuxun, Fanfou, and Microsoft before starting his own company, 99fang.com in 2009.
In 2012, Zhang Yiming together with his friend Rubo Liang founded ByteDance and launched its first app, Neihan Duanzi. The app allowed its users to share memes, jokes, and funny videos.
In 2016 ByteDance developed a Chinese video-sharing app known as Douyin. After having 100 million users in China who were viewing about 1 billion videos daily, the company decided to make the app available globally.
In 2017 the app was made available to users around the globe and was now known as Tik Tok.
The billionaire lives in Beijing China.
Related: Who Owns Google?
How Does Tik Tok Make Money
so far Tik Tok has over 3 billion downloads globally and is used by about 1 billion people every month. The world has about 4.8 billion internet users and 20.83% of them use Tik Tok. It has about 600 million daily users in China.
The platform generates revenue from ads and in-app gift purchases. Influencers on the platform have about 100 million followers and earn up to $5 million a year.
In 2020, Tik Tok generated a revenue of $1.9 billion and $350 million in 2019.
Pakistan, India, Bangladesh, and Indonesia banned Tik Tok which means that the people living in these countries cannot use the social media platform.
In 2020, the then president of the United States, Donald Trump attempted to ban Tik Tok from the country but that did not happen.