On Tuesday, China ordered 34 internet companies to rectify their anti-competitive practices in the coming month. fintech empire so it’d be supervised more like a bank. Just ask Jack Ma: After opening an antitrust probe, regulators fined Alibaba a record $2.8 billion and the central bank ordered an overhaul of his Ant Group Co. It’s a tough time to be wealthy in China as the government seeks to rein in the country’s most powerful corporations and their billionaire founders. That would mean an even bigger fortune for Zhang.īyteDance representatives didn’t respond to requests for comment. The company’s value for private-equity investors is approaching $400 billion, the South China Morning Post reported. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, people familiar have said. ![]() That’s up from $20 billion about three years ago, according to CB Insights. “He is set on building an enduring, global business.”ĭuring its last fundraising round, ByteDance reached a $180 billion valuation, a person with knowledge of the matter said. “Zhang is someone who’s known for thinking long-term and not easily dissuaded by short-term setbacks,” said Ma Rui, partner at venture-capital firm Synaptic Ventures. It’s now weighing options for the initial public offering of some businesses. At that level, Zhang, who owns about a quarter of ByteDance, could be worth more than $60 billion, placing him alongside Tencent Holdings Ltd.’s Pony Ma, bottled-water king Zhong Shanshan and members of the Walton and Koch families in the US, according to the Bloomberg Billionaires Index.īyteDance, famous for its short-video apps and news aggregator Toutiao, more than doubled revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming. Shares of the company trade in the private market at a valuation of more than $250 billion, people familiar with the dealings have said. Read | Bombay HC tells China's ByteDance to deposit Rs 78.91 crore in tax evasion case Now its founder, 38-year-old Zhang Yiming, is among the world’s richest people - a distinction that lately has carried increased risks in China. ![]() Beijing was cracking down on tech businesses, and India blacklisted some of its social-media apps.įor all the obstacles, ByteDance kept growing. The Trump administration wanted the Chinese firm, which owns the ubiquitous TikTok video-sharing platform, to get rid of assets. Just last year, the world’s most valuable startup, ByteDance Ltd., was being squeezed from all sides.
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