Founder of TikTok Owner ByteDance Jumps to Top of China’s Rich List

Zhang Yiming, founder and former global CEO of ByteDance, poses in Palo Alto, California, US, March 4, 2020. Picture taken March 4, 2020. (Reuters)
Zhang Yiming, founder and former global CEO of ByteDance, poses in Palo Alto, California, US, March 4, 2020. Picture taken March 4, 2020. (Reuters)
TT

Founder of TikTok Owner ByteDance Jumps to Top of China’s Rich List

Zhang Yiming, founder and former global CEO of ByteDance, poses in Palo Alto, California, US, March 4, 2020. Picture taken March 4, 2020. (Reuters)
Zhang Yiming, founder and former global CEO of ByteDance, poses in Palo Alto, California, US, March 4, 2020. Picture taken March 4, 2020. (Reuters)

ByteDance founder Zhang Yiming is China's richest person, with personal wealth of $49.3 billion, an annual rich list showed on Tuesday, although counterparts in real estate and renewables have fared less well.

Zhang, 41, who stepped down as chief executive of ByteDance in 2021, becomes the 18th individual to be crowned China's richest person in the 26 years since the Hurun China Rich List was first published.

He overtook bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24% to $47.9 billion.

Despite a legal battle over its US assets, ByteDance's global revenue grew 30% last year to $110 billion, Hurun said, helping to propel Zhang's personal fortune.

Third on the list was Tencent's low-profile founder, Pony Ma, while Colin Huang, founder of PDD Holdings, slipped to fourth place from third last year, even as his firm's discount-focused e-commerce platforms, Pinduoduo and Temu, continue to show healthy revenue growth.

The number of billionaires on the list dropped by 142 to 753, shrinking more than a third from its 2021 peak.

"China’s economy and stock markets had a difficult year," said Hurun Report Chairman Rupert Hoogewerf.

The most dramatic falls in fortunes have come from China's real estate sector, he added, while consumer electronics is clearly rising fast, with Xiaomi founder Lei Jun adding $5 billion to his wealth this year.

"Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties," said Hoogewerf, who is also the list's chief researcher.

"Solar panel makers saw their wealth down as much as 80% from the 2021 peak, while battery and EV makers were down by half and a quarter respectively."



Social Media Companies Slam Australia's Under-16 ban

Social media companies slam Australia's under-16 ban - AFP
Social media companies slam Australia's under-16 ban - AFP
TT

Social Media Companies Slam Australia's Under-16 ban

Social media companies slam Australia's under-16 ban - AFP
Social media companies slam Australia's under-16 ban - AFP

Social media giants on Friday hit out at a landmark Australian law banning them from signing up under-16s, describing it as a rush job littered with "many unanswered questions".

The UN children's charity UNICEF Australia warned the law was no "silver bullet" against online harm and could push kids into "covert and unregulated" spaces online.

The legislation, approved by parliament on Thursday, orders social media firms to take "reasonable steps" to prevent young teens from having accounts, AFP reported. It is due to come into effect after a year.
Prime Minister Anthony Albanese said the age limit may not be implemented perfectly -- much like existing restrictions on alcohol -- but it was "the right thing to do".

The crackdown on sites like Facebook, Instagram and X would lead to "better outcomes and less harm for young Australians", he told reporters.

Platforms have a "social responsibility" to make children's safety a priority, Albanese said.

Social media firms that fail to comply with the law face fines of up to Aus$50 million (US$32.5 million) for "systemic breaches".

TikTok said it was "disappointed" in the law, accusing the government of ignoring mental health, online safety and youth experts who had opposed the ban.

"It's entirely likely the ban could see young people pushed to darker corners of the internet where no community guidelines, safety tools, or protections exist," a TikTok spokesperson said.

Tech companies said that despite the law's perceived shortcomings, they would engage with the government in shaping how it could be implemented in the next 12 months.

The legislation offers almost no details on how the rules will be enforced -- prompting concern among experts that it will be largely symbolic.

Members of the public appeared doubtful.

"I don't think it will actually change a lot because I don't see that there's really a strong way to police it," 41-year-old Emily Beall told AFP in Melbourne.

Arthur McCormack, 19, said some things he had seen on social media when he was younger were "sort of traumatic".

"I think it's good that the government is on this ban. But in terms of enforcement, I'm not sure how it will be carried out," he said.

Meta -- owner of Facebook and Instagram -- called for consultation on the rules to ensure a "technically feasible outcome that does not place an onerous burden on parents and teens".

- 'Serious concerns' -

But Meta said it was concerned "about the process, which rushed the legislation through while failing to properly consider the evidence, what industry already does to ensure age-appropriate experiences, and the voices of young people".

A Snapchat spokesperson said the company had raised "serious concerns" about the law and that "many unanswered questions" remained about how it would work.

But the company said it would engage closely with the government to develop an approach balancing "privacy, safety and practicality".

UNICEF Australia policy chief Katie Maskiell said young people need to be protected online but also included in the digital world.

"This ban risks pushing children into increasingly covert and unregulated online spaces as well as preventing them from accessing aspects of the online world essential to their wellbeing," she said.

Leo Puglisi, a 17-year-old online journalist based in Melbourne, was critical of the legislation.

He founded streaming channel 6 News, which provides hourly news bulletins on national and international issues, in 2019 at the age of 11.

- Global attention -

"We've been built up by having 13 to 15-year-olds see 6 News online and then join the team," Puglisi said in a statement.

"We have said that this ban seriously risks restricting creativity from our young people, no matter what passion or future career they want to explore," he added.

One of the biggest issues will be privacy -- what age-verification information is used, how it is collected and by whom.

Social media companies remain adamant that age verification should be the job of app stores, but the government believes tech platforms should be responsible.

Exemptions will likely be granted to some companies, such as WhatsApp and YouTube, which teenagers may need to use for recreation, school work or other reasons.

The legislation will be closely monitored by other countries, with many weighing whether to implement similar bans.

Lawmakers from Spain to Florida have proposed social media bans for young teens, although none of the measures have been implemented yet.

China has restricted access for minors since 2021, with under-14s not allowed to spend more than 40 minutes a day on Douyin, the Chinese version of TikTok.