The classic rags to riches story of Zhang Yiming tells of a lone innovator who gained worldwide success and unimaginable riches – all while battling one of the strictest governments on the planet
This multi-billionaire began designing apps in his small apartment in Beijing but went on to be the creator of one of the biggest social media platforms on the planet.
Now worth over $43.3 billion, Zhang Yiming began his extraordinary journey as a tech founder in a tiny apartment in China’s capital of Beijing. It was from here that launched his company ByteDance in 2012, along with his first ever product Neihan Duanzi, a joke-sharing app that gained rapid popularity. However, it was eventually deemed to host content that was inappropriate and not in line with the values promoted by the Chinese authorities and was later shut down in 2018. Although undeterred, this would turn out to be the first of many run-ins Yiming would have with his government.
He designed a range of technology, including an AI-driven news site known as Toutiao, which once again gained rapid and huge success. But this would soon be overshadowed when in 2016, he released TikTok, an app that would change the social media landscape – and his life – for good. By combining short-form video content with sophisticated AI algorithms, TikTok (known as Douyin in China) captivated users worldwide, particularly younger demographics, leading to its explosive growth. As of today, it is one of the most downloaded apps globally.
TikTok’s international success also marked ByteDance as a rare example of a Chinese tech company achieving significant influence outside of China, cementing Zhang Yiming’s reputation as a visionary tech founder. However, as ByteDance’s influence grew, Zhang Yiming found himself at odds with the Chinese government. The Chinese Communist Party (CCP) closely monitors and regulates media and internet content, enforcing strict censorship laws.
ByteDance’s platforms, due to their vast reach and user-generated content, attracted scrutiny. It was in 2018, the Chinese authorities ordered the shutdown of Neihan Duanzi, they also criticised ByteDance for not adequately regulating content on its platforms, including on TikTok. Zhang issued a public apology at time time, promising to increase efforts to align with government regulations, but even so, the incident marked the beginning of a challenging relationship between him and the state.
The tension between Yiming and the Chinese government escalated as the company’s global influence grew and authorities put more and more pressure on the ByteDance company to comply with Chinese strict laws and regulations while operating in foreign territories across the world. The founder found himself in a precarious position, attempting to reach the demands of an often hostile, communist government but also those of a growing international markets whose rules didn’t align with China and were wary of Chinese surveillance and influence.
Eventually, Zhang Yiming stepped down as CEO of his company ByteDance in 2021, a move widely believed to be in response to the mounting pressure from the Chinese government. Although he claimed he wanted to take more time to focus on long-term strategy and innovation over the day to day running of the business, many saw his move as a strategic retreat in the face of intense scrutiny and regulation on the part of the Chinese government.
Yiming’s journey from a lone tech founder working from his small Beijing apartment to the head of a global tech giant with a net worth of over $43 billion – and his tough relationship with the Chinese government throughout – represents the struggles and complexities of building a business under one of the strictest leaderships in the world.
