ByteDance founder donates US$77mil to education fund

The US$77mil (RM319.74mil) marks the biggest single donation yet by Zhang, who last year gave 10mil yuan (RM6.42mil) to his alma mater. — AFP

ByteDance Ltd founder Zhang Yiming donated 500mil yuan (RM321.10mil) of his personal wealth to an education fund in his hometown, joining other Chinese Internet moguls in giving back to social causes as Beijing cracks down on big tech.

The 38-year-old billionaire entrepreneur transferred the money to the Fangmei Educational Development Fund to be set up in the southeastern Longyan city, the local education bureau said in a statement Tuesday. The fund – named after Zhang’s grandmothers – will be used for teacher training, edutech infrastructure and dormitory construction, among other purposes, according to the statement.

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