Founder of TikTok parent company lost $17 billion in 2022: ranking

This photo taken on April 23, 2018 shows CEO of Bytedance Zhang Yiming speaking during the 1st Digital China Summit in Fuzhou, in China's eastern Fujian province. (AFP file photo)
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Updated 07 April 2023
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Founder of TikTok parent company lost $17 billion in 2022: ranking

  • Despite huge losses, ByteDance founder Zhang Yiming is still the second-richest entrepreneur in the world under age 40, with wealth valued at $37 billion, according to statistics published by the Chinese firm Hurun

BEIJING: Zhang Yiming, the founder of TikTok parent company ByteDance, saw his personal fortune fall by $17 billion last year, according to a new Chinese ranking published Thursday.

The reasons for the losses are unknown, but Zhang is still the second-richest entrepreneur in the world under the age of 40, with wealth valued at $37 billion, according to statistics published by the Chinese firm Hurun.

Ahead of him is Mark Zuckerberg, boss of US tech giant Meta — the owner of Facebook and Instagram — whose fortune was estimated by Hurun at $68 billion.
According to the ranking, Zuckerberg also lost money last year to the tune of $8 billion.
Zhang co-founded ByteDance in Beijing in 2012, but resigned from the group in 2021 in the midst of regulatory tightening on China’s tech industry.
A Chinese citizen, Zhang is now based in Singapore.
ByteDance’s success in China’s highly competitive Internet sector has been largely thanks to its popular short video app Douyin.
The app is the most valuable start-up globally, with a market capitalization of $200 billion, according to Hurun.
Its international version, TikTok, is wildly popular with teenagers around the world, but concerns over national security have left its future uncertain in many countries.
Critics say TikTok allows Chinese authorities access to global user data — allegations the firm has vehemently denied.
Still, the US, Canadian, British and Australian governments, as well as the European Commission, have recently banned their officials from installing TikTok on work phones.
And Washington has threatened the app with a total ban, with TikTok boss Shou Zi Chew hauled before a US congressional hearing recently to defend it.
On Tuesday, TikTok was fined 12.7 million pounds ($15.8 billion) by the British digital regulator over its use of the personal data of children.
 


Iceland joins Eurovision boycott over Israel’s participation

Updated 10 December 2025
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Iceland joins Eurovision boycott over Israel’s participation

  • Decision follows similar moves by Spain, the Netherlands, Ireland and Slovenia over the Gaza war
  • Iceland’s national broadcaster says it pulled out 'given the public debate' in the country

LONDON: Iceland’s national broadcaster said Wednesday it will boycott next year’s Eurovision Song Contest because of discord over Israel’s participation, joining four other countries in a walkout of the pan-continental music competition.
Broadcasters in Spain, the Netherlands, Ireland and Slovenia told contest organizer the European Broadcasting Union last week that they will not take part in the contest in Vienna in May after organizers declined to expel Israel over its conduct of the war against Hamas in Gaza.
The board of Iceland’s RÚV met Wednesday to make a decision.
At its conclusion the broadcaster said in a statement that “given the public debate in this country ... it is clear that neither joy nor peace will prevail regarding the participation of RÚV in Eurovision. It is therefore the conclusion of RÚV to notify the EBU today that RÚV will not take part in Eurovision next year.”
“The Song Contest and Eurovision have always had the aim of uniting the Icelandic nation but it is now clear that this aim cannot be achieved and it is on these program-related grounds that this decision is taken,” the broadcaster said.
Last week the general assembly of the EBU — a group of public broadcasters from 56 countries that runs Eurovision — met to discuss concerns about Israel’s participation. Members voted to adopt tougher contest voting rules in response to allegations that Israel manipulated the vote in favor of its competitor, but took no action to exclude any broadcaster from the competition.
The pullouts include some big names in the Eurovision world. Spain is one of the “Big Five” large-market countries that contribute the most to the contest. Ireland has won seven times, a record it shares with Sweden.
Iceland, a volcanic North Atlantic island nation with a population of 360,000, has never won but has the highest per capita viewing audience of any country.
The walkouts cast a cloud over the future of what’s meant to be a feel-good cultural party marked by friendly rivalry and disco beats, dealing a blow to fans, broadcasters and the contest’s finances.
The contest, which turns 70 in 2026, strives to put pop before politics, but has repeatedly been embroiled in world events. Russia was expelled in 2022 after its full-scale invasion of Ukraine.
It has been roiled by the war in Gaza for the past two years, stirring protests outside the venues and forcing organizers to clamp down on political flag-waving.
Opponents of Israel’s participation cite the war in Gaza, where more than 70,000 Palestinians have been killed, according to the territory’s Health Ministry, which operates under the Hamas-run government and whose detailed records are viewed as generally reliable by the international community.
Israel’s government has repeatedly defended its campaign as a response to the attack by Hamas-led militants on Oct. 7, 2023. The militants killed around 1,200 people — mostly civilians — in the attack and took 251 hostage.
A number of experts, including those commissioned by a UN body, have said that Israel’s offensive in Gaza amounts to genocide, a claim Israel has vigorously denied.
Wednesday marked the final day for national broadcasters to announce whether they planned to participate. More than two dozen countries have confirmed they will attend the contest in Vienna, and the EBU says a final list of competing nations will be published before Christmas.