Posted on 10/29/2024 9:15:20 AM PDT by RandFan
The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person.
According to a rich list produced by the Hurun Research Institute, external, Zhang Yiming is now worth $49.3bn (£38bn) - 43% more than in 2023.
The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm.
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.
While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it.
Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, external, driving up Zhang Yiming's personal fortune.
“Zhang Yiming is the 18th new Number One we have had in China in just 26 years," said head of Hurun Rupert Hoogewerf.
"The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.
"This gives an indication of some of the dynamism in the Chinese economy."
(Excerpt) Read more at bbc.co.uk ...
I don't think it should or will be banned and Freeper DR swears by them. In fact he says there is a lot or rich conservative content on there.
Tiktok should enjoy the same level of 1st amendment protection as it offers its users.
None.
I’m naive about this - does communist China allow someone to become incredibly wealthy as a result of Capitalism?
This si the “withering of the state” which the bolsheviks promise.
Ask Jack Ma.
Briefly. Then they vanish. Then they come back saying they’ve given their money to the Common Prosperity program. Jack Ma has become a teacher.
I’m naive about this - does communist China allow someone to become incredibly wealthy as a result of Capitalism?
As long as they play ball with the government.
Of course we’re headed in that same direction.
China is less communist than the US. They’ve taken to capitalism with a vengeance, and capitalism is the antithesis of communism.
What China is today is a single party dictatorship who appreciates and takes good care of the goose that lays the golden eggs - capitalism. They are definitely not communist.
Marxist Mao would throw up if he came back to life.
China is Fascist.
Lol
China is basically doing what the Imperial Japanese tried with their “Greater East Asian Co-Prosperity Sphere”.
“This gives an indication of some of the dynamism in the Chinese economy.”
Or CCP keeps knocking off/re-educating their most creative.
A kindergarten teacher!
Educate them while their young and can best understand gross margin.
Will it be possible for private property to be abolished at one stroke?Anything that promotes the revolution, therefore, is permissible. Particularly for Inner Party members.
No, no more than existing forces of production can at one stroke be multiplied to the extent necessary for the creation of a communal society.
In all probability, the proletarian revolution will transform existing society gradually and will be able to abolish private property only when the means of production are available in sufficient quantity.
— The Principles of Communism, point 17
We will see of Zhang Yiming goes the way of the rest of China’s billionaire class: prison, disappears, suddenly gives it all away. No one, no one bests the CCP
“China is Fascist”
Which is the opposite of communism.
The essence of fascism is a symbiotic relationship between government and private industry. They each scratch each other’s backs.
It can be successful provided they keep the masses reasonably happy, and china has done a great job of that.
The rise in their standard of living over the past 30 years has been nothing short of miraculous.
In Mao’s time it was an economic basket case, now it has a GDP (PPP) that rivals ours.
does communist China allow someone to become incredibly wealthy as a result of Capitalism?
—
For a short while, then the either are sent to prison, disappear, or give the store away. No one bests the CCP.
I always say, if Marx was alive during the time of The Soviet Union, he would have said, “No, you’re doing it wrong!”
No American should use TikTok—or Facebook!
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