Shulou(Shulou.com)11/24 Report--

March 31, Beijing time, people familiar with the matter said that Zhang Yiming holds most of the shares of the founder of the byte beating company. His net worth fell by about $13 billion (89.3 billion yuan) from last year, according to the Bloomberg Billionaires Index.

Zhang Yiming

Zhang Yiming's net worth fell to $42.3 billion last week when TikTok CEO Weekly testified in congressional testimony that 60 per cent of byte jump was held by global investors, 20 per cent by employees and 20 per cent by founders. Most of the 20 per cent of the founder's shares are held by Zhang Yiming, while another co-founder, Liang Rubo, holds about 1 per cent, according to people familiar with the matter.

The 20% of founders' shareholdings are lower than estimates reported in recent years. The Bloomberg Billionaires Index revised Zhang's net worth based on the newly disclosed shares and company valuation, based on byte-beating shares recently purchased by Abu Dhabi artificial intelligence company G42 in the private market. the byte-jump valuation fell to about $220 billion. On this basis, Zhang Yiming has a net worth of $42.3 billion and Liang Rubo has a net worth of $2.1 billion.

Last September, byte jump was valued at $300 billion when it bought back up to $3 billion of shares in the company. Compared with then, Zhang Yiming's net worth has fallen by about $13 billion. Two years ago, when investors were willing to buy shares at a valuation of $400 billion, Zhang Yiming was probably worth more than $60 billion, making him one of the richest men in Asia.

Zhang Yiming stepped down as a byte-beating CEO in May 2021 and resigned from the board in the same year, handing the two positions to his college roommate Liang Rubo. However, Mr Zhou testified that although Mr Zhang no longer manages byte-beating day-to-day operations, it is industry practice that his founder shares have weighted voting rights. This probably gives them more power to drive decision-making.

Byte beat has not been commented on.

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