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TikTok Founder Becomes China’s Richest Person

by THEFUTURE.TEAM

October 30, 2024

Zhang Yiming, the visionary behind ByteDance and its flagship app TikTok, has ascended to the status of the richest person in China, boasting a remarkable fortune of $49.3 billion. This milestone marks a significant 43% increase in his wealth since 2023, according to the latest Hurun Research Institute report.

Key Highlights

Zhang, 41, co-founded ByteDance and stepped down from his leadership role in 2021. However, he continues to hold around 20% of the company’s shares, ensuring his substantial stake in its ongoing success. TikTok has emerged as a global phenomenon, captivating millions of users worldwide despite ongoing security concerns and accusations regarding its ties to the Chinese government. ByteDance has vigorously denied these allegations, which suggest that TikTok could be a tool for espionage.

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The platform’s future remains uncertain, particularly with the impending U.S. ban on TikTok set for January 2025. This move forces ByteDance to consider selling its highly prized recommendation algorithm, a crucial element that has propelled TikTok to unprecedented heights in the social media landscape.

Despite the challenges posed by U.S. regulations, ByteDance reported an impressive 60% increase in global profits last year, demonstrating its resilience and adaptability in a competitive market. Zhang Yiming’s rise to wealth also reflects broader trends in the Chinese tech industry, where economic conditions have shifted significantly.

The Tech Landscape in China

Zhang is not alone at the top of China’s wealth rankings. Ma Huateng, the head of Tencent, known for its dominance in the gaming industry, ranks third with an estimated net worth of $43.5 billion. However, the fortunes of these tech giants have not been immune to the economic slowdown affecting China. This downturn has hindered competitors from achieving more substantial gains, leading to a situation where only 30% of the individuals on the rich list saw an increase in their net worth this year.

The concentration of wealth among these tech leaders highlights the unique dynamics of China’s economy, where innovation and digital platforms continue to play pivotal roles. As Zhang Yiming solidifies his position at the top, the future of TikTok and ByteDance will be closely watched, particularly in the context of global regulatory pressures and market competition.

The Future Forbes Realty Global Properties

Cyprus Introduces Performance-Based Funding For Public Research

Cyprus is introducing a new performance-based funding model for publicly financed research organizations, linking state support to measurable results for the first time.

A New Framework For Research Funding

Approved by the Cabinet on Wednesday, the new mechanism establishes a more structured framework for funding public research organizations. Deputy Minister of Research, Innovation and Digital Policy Nikodimos Damianos said the system is expected to take effect in early 2027.

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First Phase Targets Centres Of Excellence

The first phase will cover Centres of Excellence co-financed through the Horizon Europe Teaming for Excellence programme with national and European funding.

According to Damianos, the objective is to preserve and further develop the research infrastructure, expertise and capabilities built in recent years, while supporting their transition into sustainable, long-term institutions under a formal funding framework.

Funding Tied To Performance Indicators

Under the new model, funding will be linked to performance against predefined indicators and targets. Organizations will be assessed across 18 indicators grouped into six areas: the research environment, internationalisation, scientific excellence, research performance, knowledge transfer and socio-economic impact.

Performance will be evaluated annually, while funding allocations will be reviewed every three years. The framework also introduces fiscal safeguards, including funding caps, assessments of each organisation’s actual financial needs and consideration of any other institutional state funding already received.

Positioning Research As A Strategic Public Investment

Damianos said the reform lays the groundwork for a new model of institutional support for research and innovation, aimed at strengthening scientific excellence and competitiveness while ensuring the transparent and efficient use of public funds.

He added that the framework is intended to support long-term benefits for both the Cypriot economy and society.