A Chinese man could add 9.5 billion dollars to his fortune in one night – Economy – Arab and International


Despite all the hurdles, ByteDance faced, last year it continued to grow until its founder, 38-year-old Zhang Yiming, was among the richest people in the world – a title that is adding troubles to its owners today in China.

According to sources who spoke to “Bloomberg”, the market value of “ByteDance” increased to $ 250 billion in the private market, which raises the value of Zhang’s fortune to $ 60 billion, adding about $ 9.5 billion to his fortune in its latest assessment according to the Bloomberg Index. For billionaires.

The company, whose founder is ranked 29th in the world among the world’s richest, has more than doubled its revenue last year after expanding beyond its core advertising business to include areas such as e-commerce and online games.

Sources said that Zhang is currently studying initial public offering options for some businesses.

During the most recent fundraising round, ByteDance’s valuation reached $ 180 billion, according to a person familiar with the matter – up from $ 20 billion nearly 3 years ago, according to CB Insights. However, in the private market, some investors recently requested a valuation equivalent to 350 billion dollars to give up their shares, while sources told the South China Morning Post, the Chinese newspaper, that the company’s value to private equity investors is close to 400 billion dollars.

Google Newsstand

Follow our latest local and sports news, and the latest political and economic developments via Google news




Please enter your comment!
Please enter your name here