Zhang Yiming (Chinese: 张一鸣; born April 1, 1983) is a Chinese internet entrepreneur. He founded ByteDance in 2012, developed the news aggregator Toutiao and the video sharing platform Douyin (internationally known as TikTok). As of March 2024, Zhang's personal wealth was estimated at US$40.2 billion, according to Bloomberg Billionaires Index (US$43.4 billion, according to Forbes),[1] making him the second-richest person in China, after Zhong Shanshan.[2][3] On November 4, 2021, Zhang stepped down as CEO of ByteDance,[4] completing a leadership handover announced in May 2021.[5] According to Reuters, Zhang maintains over 50 percent of ByteDance's voting rights.[6]
In February 2006, Zhang became the fifth employee and the first engineer at the travel website Kuxun. He was promoted to technical director a year later.[citation needed]
In 2008, Zhang left Kuxun to work for Microsoft, but felt stifled by its corporate rules. He soon left Microsoft to join the startup Fanfou, which eventually failed.[10] In 2009, when Expedia was about to acquire Kuxun, Zhang took over Kuxun's real estate search business and started 99fang.com, his first company.[10] He quit the business three years later.[11]
Zhang thought that Chinese smartphone users were struggling to find information in mobile apps available in 2012, and the search giant Baidu was mixing search results with undisclosed advertising. His vision was to push relevant content to users using recommendations generated by artificial intelligence.[12] This vision was not shared by most venture capitalists, and he failed to secure funding until Susquehanna International Group agreed to invest in the startup. In August 2012, ByteDance launched the Toutiao news app and within two years attracted more than 13 million daily users. Sequoia Capital, which initially rejected Zhang, came around and led a US$100 million investment in the company in 2014.[12]
Zhang focused on expanding ByteDance globally, as opposed to other Chinese tech CEOs who focused on domestic growth of their companies.[13] He insisted that ByteDance's workplace productivity app Lark be targeted at the American, European and Japanese markets, rather than limiting the focus to China as originally proposed.[14] Zhang's management style with ByteDance was modeled on US tech companies such as Google and included bimonthly town hall meetings and discouraging employees from calling him "boss" or "CEO", as is the Chinese convention.[14]
In September 2015, ByteDance launched its video-sharing app TikTok (known as Douyin in China) with little fanfare. The product was an instant hit with millennials and became popular worldwide. ByteDance bought Musical.ly a year later for US$800 million and integrated it into TikTok.[12]
As of late 2018, with more than a billion monthly users across its mobile apps,[7] ByteDance is valued at US$75 billion, surpassing Uber as the world's most valuable startup.[12]
^Bandurski, David (April 11, 2018). "Tech Shame in the "New Era"". China Media Project. Archived from the original on April 12, 2018. Retrieved September 16, 2019.
