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

AI Agents Are Poised To Reshape Shopping And Payments By 2030

by THEFUTURE.TEAM

September 14, 2026

More than one in 10 consumers could routinely use AI agents to make online purchases on their behalf by 2030, according to a Mastercard report on the future of commerce.

The report, A Short History of the Future of Shopping and Payments, combines Mastercard research with forecasts from four AI and commerce experts.

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

From Recommendations To Purchases

AI agents could handle routine purchases such as groceries, medicines and subscriptions, including negotiating prices for consumers. Smart devices such as watches and rings could also provide personalized product information before and after purchases.

“By 2030, buying a product and the shopping experience will not necessarily be the same thing,” said Magnus Lindkvist. “AI agents will take care of the most everyday purchases, leaving the shopping experience to be more closely associated with discovery, inspiration and enjoyment.”

Younger Consumers Are Moving First

Mastercard’s survey of 26,000 parents and teenagers aged 13 to 18 across 13 countries found that teenagers already use AI in purchasing decisions at roughly twice the rate of their parents.

Some 62% said AI will significantly change how their generation shops. Meanwhile, 31% would trust an AI product recommendation more than one from a friend, while 23% would trust AI more than their parents.

Retailers Will Need To Adapt

As AI agents make purchasing decisions, retailers will need to serve both consumers and software acting on their behalf. Product information, reviews, certifications, origin and sustainability data will need to be easy for AI systems to identify and verify.

Trust will be critical as agents gain authority to complete transactions. Businesses and financial institutions will need clear rules covering identification, consent, authorization and responsibility, Lau said.

Cyprus Tests Agentic Commerce

Mastercard said agentic commerce is already being tested in Cyprus. Earlier this year, it carried out what it described as the country’s first agentic transactions in a regulated environment with Alpha Bank Cyprus, Eurobank Limited and Bank of Cyprus.

Using Mastercard Agent Pay, AI agents completed purchases with consumers’ explicit consent. The trials were designed to maintain security, transparency and consumer control.

The tests offer an early example of infrastructure that could support a shift from AI recommendations to AI agents making purchases directly. Scaling the model will depend on both technology and clear rules governing how agents can act.

Breaking news