TikTok founder’s US$60bil fortune places him among the world’s richest people

ByteDance, famous for its short-video apps and news aggregator Toutiao, more than doubled revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming. — Reuters

Just last year, the world’s most valuable startup, ByteDance Ltd, was being squeezed from all sides.

The Trump administration wanted the Chinese firm, which owns the ubiquitous TikTok video-sharing platform, to get rid of assets. Beijing was cracking down on tech businesses, and India blacklisted some of its social-media apps.