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TikTok founder becomes China's richest man

Zhang Yiming's fortune has leapt to almost $50bn, according to a newly published rich list.

The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person. TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state. “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," he said.

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