The causes for the losses are unknown, however Zhang continues to be the second-richest entrepreneur on this planet below the age of 40, with wealth valued at $37 billion, .
Ahead of him is Mark Zuckerberg, boss of US tech big Meta – the proprietor of Facebook and Instagram – whose fortune was estimated by Hurun at $68 billion.
According to the rating, Zuckerberg additionally misplaced cash final 12 months to the tune of $8 billion.
Zhang cofounded ByteDance in Beijing in 2012, however resigned from the group in 2021 within the midst of regulatory tightening on China’s tech trade.
A Chinese citizen, Zhang is now based mostly in Singapore.
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ByteDance’s success in China’s extremely aggressive web sector has been largely because of its common quick video app Douyin. The app is essentially the most priceless startup globally, with a market capitalisation of $200 billion, in accordance with Hurun. Its worldwide model, TikTok, is wildly common with youngsters around the globe, however considerations over nationwide safety have left its future unsure in lots of international locations.
Critics say TikTok permits Chinese authorities entry to international consumer information — allegations the agency has vehemently denied.
Still, the US, Canadian, British and Australian governments, in addition to the European Commission, have just lately banned their officers from putting in TikTok on work telephones.
And Washington has threatened the app with a complete ban, with TikTok boss Shou Zi Chew hauled earlier than a US congressional listening to just lately to defend it.
On Tuesday, TikTok was fined $15.8 million by the British digital regulator over its use of the non-public information of youngsters.
Source: economictimes.indiatimes.com