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.

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Meta Takes Muse From Consumer Buzz To Small Business Utility

by THEFUTURE.TEAM

September 29, 2026

Meta is widening the ambitions of its Muse AI agent, moving beyond consumer appeal and into the operational core of small business workflows.

A New Push Into Business Productivity

The company on Tuesday introduced Muse for Small Business, a version of the agent designed to connect with widely used software and services from Asana, Zoom, Intuit, Box, Canva and Slack. It can also link directly to Meta ad accounts and professional Instagram and Facebook profiles, turning the agent into a more practical business tool rather than a standalone assistant.

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Pricing remains aligned with the existing Muse app, which is free within usage limits and available on a subscription basis for heavier use.

Meta’s Enterprise Strategy Is Coming Into Focus

The launch follows Monday’s announcement that Meta will build a broader enterprise platform and has brought in MongoDB CEO C.J. Desai to lead it. That platform is expected to include a Muse agent, a business agent and a coding tool, signaling a more deliberate move into enterprise software.

The timing is notable. Meta has enjoyed a strong stretch on Wall Street, with the stock rising sharply in September before pulling back in recent sessions. Much of that momentum has been tied to Muse, which launched on Sept. 8 and quickly climbed to the top of Apple’s App Store, overtaking ChatGPT. Evercore analyst Mark Mahaney has said he expects Muse to reach 100 million users within six to 12 months.

Why Small Business Matters To Meta

Meta CEO Mark Zuckerberg has been explicit about the company’s push to find durable AI revenue beyond advertising, which still accounts for the overwhelming share of Meta’s business. After spending heavily on AI talent, including Scale AI founder Alexandr Wang, Meta has begun rolling out new models under the Muse Spark family, and Zuckerberg has called Muse the “centerpiece” of the company’s AI strategy.

For Meta, small business is a logical entry point. The company says about 200 million small businesses already use Facebook, giving it a vast distribution base and a ready-made customer pool for AI-driven productivity tools. In other words, Meta is not trying to create demand from scratch; it is trying to attach a higher-value service to an existing ecosystem.

The Competitive Stakes Are Rising

The new product arrives as OpenAI holds its developer day and as competition intensifies across enterprise AI. Meta’s move is a clear signal that it intends to compete not only for consumers, but also for business users who increasingly want AI embedded into the platforms they already rely on.

As Meta put it in its announcement: “Small businesses have been growing on our apps for nearly two decades. They told us they’re short on hours, not ideas. So we built Muse for Small Business to help get work done with the tools they already use.”

That framing captures the broader opportunity. The next phase of AI adoption will not be defined solely by novelty or chatbot engagement. It will be defined by integration, workflow efficiency and the ability to deliver measurable business outcomes. Meta appears determined to be in that race.

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