Zhang Yiming, the creator of video platform TikTok, has become China's richest man. His fortune is estimated at $49.3bn, Sky News reported.
The 41-year-old entrepreneur topped the Hurun China Rich List for the first time, although he stepped down as CEO of ByteDance - the parent company of TikTok - in 2021. Zhang Yiming displaced businessman Zhong Shanshan, who owns a bottled water company, from the top spot.
Shanshan's fortune has shrunk by 24 per cent over the past year due to the difficult economic situation in China. Now the tycoon's assets are estimated at $47.9 billion.
Zhang Yiming was recognised as the richest Chinese amid discussions about blocking TikTok in the US. In May, this already led to an increase in downloads of the Clapper app, a little-known competitor to TikTok.
