ByteDance Founder Donates $77 million Amid China's Charity Rush

Zhang Yiming's move came as Chinese tech billionaires are rushing to make charity gestures amid China's crackdown on the tech sector.

The founder of TikTok owner ByteDance will donate 500 million yuan ($77.35 million) to the southeastern Chinese city of Longyan for education, the city government's education bureau said on Tuesday. Zhang Yiming's move came as Chinese tech billionaires are rushing to make charity gestures, especially in education, amid China's unprecedented crackdown on the tech sector. The donation will set up the "Meifang Foundation" to assist teachers with advanced education and support vocational education, Longyan's education bureau said in a statement. The foundation will mainly focus on the rural areas in the region, according to a person with direct knowledge of the matter. This month, Chinese food delivery giant Meituan's founder Wang Xing donated about $2 billion worth of Meituan shares into the Wang Xing Fund, which promotes education and scientific research.