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Zhang Yimingparent company founder tik tak, bytedancelost $17 billion of his personal wealth last year, according to a Chinese firm ranking.
The reasons for these losses are unknown, but despite the downturn, Zhang remains the second richest entrepreneur under the age of 40, with an estimated net worth of $37 billion, according to statistics from Chinese firm Hurun.
Zhang is preceded by Mark Zuckerberg, the head of the American giant Meta, which owns Facebook and Instagram, and is worth $68 billion by Hurun.
Zhang became a co-founder bytedance in Beijing in 2012, but left the conglomerate in 2021 after tightening regulations in the tech industry in China.
Now Zhang, a Chinese, lives in Singapore.
Tiktok in trouble
Success bytedance in the competitive Chinese market thanks in large part to the popular Douyin video app.
Its international version tik takvery popular among teenagers all over the world, but fears about national security create uncertainty about his future in many countries.
Some critics claim that tik tak it allows the Chinese government to access user data around the world, which the company denies. (AFP)
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I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.