As The Information reported on the time, the billionaire spent most of 2022 abroad, using Singapore as his fundamental base, fueling speculation that he was applying for foreign citizenship. TikTok included Zhang’s status in a piece showcasing influential figures throughout the company.
Like lots of China’s corporate elite, several ByteDance figures have shown a preference for the rich city state in recent times.
Zhang’s 21 percent stake in ByteDance is price greater than $40 billion, in line with the corporate’s $268 billion valuation from a recent share repurchase program. The filing also shows that Zhang has held on to his shares for the past 12 months, since TikTok’s CEO revealed his boss’s stake of about 20 percent during a congressional hearing.
The lawsuit confirms expectations that ByteDance has no intention of finding a buyer for TikTok because the deadline approaches. Instead, the Chinese company wants the law declared unconstitutional, saying it violates the First Amendment.
