Breaking news

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.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

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 And Greece Deepen Economic Ties As They Target Investment And Third-Market Growth

by THEFUTURE.TEAM

September 15, 2026

Cyprus and Greece are seeking to expand economic cooperation by attracting investment, strengthening economic diplomacy and helping businesses enter third markets.

The issue was discussed in Nicosia by Cypriot Foreign Minister Constantinos Kombos and Greek Deputy Foreign Minister Harry Theoharis during Theoharis’ two-day visit on Sept. 14 and 15, according to the Greek Foreign Ministry.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Focus Shifts Toward Third Markets

Kombos said the talks focused on “strengthening economic diplomacy, investments, and joint business extroversion in third markets.” The approach would encourage companies from both countries to pursue opportunities abroad rather than limiting cooperation to bilateral trade and investment.

The existing economic relationship provides a strong base for that effort. Trade in goods between Cyprus and Greece reached €3.3 billion in 2025, with Greece remaining one of Cyprus’ key commercial partners, according to Energy Minister Michalis Damianos.

Business Ties Take Center Stage

Theoharis also met Damianos and Invest Cyprus CEO Marios Tannousis, as well as Cyprus Chamber of Commerce and Industry President Stavros Stavrou and Cyprus-Greece Business Association President Joseph Joseph.

The meetings focused on identifying new areas of cooperation, supporting companies expanding abroad and creating additional investment and trade opportunities.

Cooperation Amid A Changing Regional Landscape

Kombos and Theoharis also reaffirmed the countries’ strategic relationship and discussed regional developments and Greece’s upcoming presidency of the Council of the European Union in 2027.

Greece will hold the rotating presidency from July through December 2027, following Lithuania and as part of the 18-month trio with Ireland and Lithuania. The role allows Greece to help set the EU agenda, build consensus among member states and steer legislative work.

The broader economic agenda reflects a growing role for governments as facilitators of international business, using diplomatic ties to help companies build partnerships and access new markets.