bytedance ltd: The 35-year-old founder of Bytedance Ltd. is worth about 13 billion, according to the Bloomberg Billionaires Index, making him China's ninth-richest person and one of the fastest people in modern times to amass a mega-fortune, according to The Japan Times. The business, founded in 2012, has more than 1 billion active monthly users across eight mobile apps, including a news aggregator powered by artificial intelligence and a video-sharing platform. ; His rapid wealth accumulation is a sign that China hasn't lost its knack for creating mega-rich company founders despite a slowing economy. That pivot proved lucrative. It also helps explain why authorities seem to be taking a more tolerant stance toward a corporate structure favored by the country's technology tycoons, most of whom have chosen to list their businesses overseas. It is also difficult because Bytedance is structured in the same way as the two tech behemoths a complicated ownership system known as a variable interest entity. Zhang's fortune is harder to calculate than the founders of Baidu Inc. and Tencent Holdings Ltd. in part because his company isn't yet public.
(news.financializer.com). As
reported in the news.
Tagged under bytedance ltd, news aggregator topics.