TikTok’s founder Zhang Yiming has become China’s richest man with a fortune of almost $50bn (£38bn).
Dubbed the “short video king”, the 41-year-old topped the Hurun China Rich List for the first time with $49.3bn (£37.9bn).
Mr Yiming stepped down as chief executive of ByteDance, TikTok’s parent company, in 2021.
He is the 18th individual to be crowned China’s richest person in the 26 years since the Hurun China Rich List began.
He dethroned bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24% to $47.9bn (£36.8bn).
A number of the billionaires on the list saw their fortunes plummet over the past year with difficult economic conditions in China.
This comes during a legal battle over ByteDance’s US assets as TikTok could be banned in the US next year unless its parent company goes through with a sale amid accusations it is giving data to the Chinese government – something it denies.
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Legislation was passed by the House of Representatives earlier this year.
If the bill becomes law, the owner of the popular video-sharing app will have nine months to find a buyer, with a possible three-month extension while a sale is in progress, or face a ban.
The FBI has warned that ByteDance could share user data, such as browsing history, location and biometric identifiers, with China’s authoritarian government.
TikTok has said it has never done that and would not do so if asked.
Despite the battle, ByteDance’s global revenue grew 30% last year, and Mr Yiming still has a stake in it, helping propel his personal fortune.
China’s economy has undergone a difficult year and has continued to lag in the aftermath of COVID, with a real estate crisis and a volatile stock market.
A parade marking the US Army’s 250th anniversary – and President Trump’s 79th birthday – is under way.
You can watch the event in the livestream above.
President Trump said it was going to be a “big day” and admitted: “We want to show off a little bit.”
Today is the first time in more than 30 years that tanks have rolled through the US capital.
Officials have estimated around 200,000 people could turn out, including protesters, plus 6,600 soldiers, 150 vehicles and 50 aircraft.
However, it appears far fewer have turned out – possibly due to the poor weather – and the president has warned any protesters who interfere “will be met with very big force”.
Image: Pic: AP
Image: Pic: AP
Image: Pic: AP
Image: Pic: Reuters
Mr Trump is watching alongside the first lady and defence secretary as troops and military hardware file past – accompanied at times by up tempo rock music.
The event started half an hour early due to forecasted heavy rain, with cloud forcing the cancellation of a flypast by fighter jets.
Helicopters such as Apaches, Chinooks and Black Hawks are still taking part however.
Image: Pic: Reuters
Image: Pic: Reuters
Image: Pic: Reuters
Military parachutists from the Golden Knights began the parade by swooping in, and some of the soldiers are parading in historic uniforms, complete with horses and wagons.
Vehicles from the Second World War era are also taking part.
President Trump stood and saluted many of the passing soldiers. He is said to have got the idea for the parade after being impressed with France’s Bastille Day celebrations during a visit in 2017.
Metal plates have been put down on some of Washington’s streets to protect the tarmac against the heaviest tanks – the 60-ton M1 Abrams.
Even so, the US Army has set aside several million dollars in case of any damage.
The last time such a major display took place in the US was 1991 when tanks and troops paraded to celebrate the ousting of Saddam Hussein’s army from Kuwait.
Image: Pic: Reuters
Image: Pic: Reuters
Image: Pic: Reuters
The event has been criticised by some for being something more associated with a dictatorial regime such as Russia or North Korea.
An estimated cost as high as $45m (£33.33m) has also raised eyebrows given the administration’s efforts to slash the budget of many federal departments.
Among the critics is California governor Gavin Newsom, who has been trading barbs with Mr Trump since the outbreak of riots in LA.
“And we all know, this Saturday, he’s ordering our American heroes – the United States military – forcing them to put on a vulgar display to celebrate his birthday, just as other failed dictators have done in the past,” he said.
Image: Pic: AP
Image: Pic: Reuters
Image: Pic: Reuters
The show of military might also comes as more than 1,500 protests against the Trump administration, organised under the slogan ‘No Kings’, have been planned across the US on Saturday.
Los Angeles is the scene of one demonstration, with police firing tear gas to disperse people and US Marines stationed outside the city’s federal building.
A manhunt is under way after a US politician and her husband were shot and killed in their home in a “politically motivated assassination” and another politician and his wife were also shot.
Minnesota state representative Melissa Hortman and her husband were killed at their homes, Tim Walz, the governor of Minnesota, confirmed.
State senator John Hoffman and his wife were also shot in their home but are expected to survive.
The suspect was reportedly posing as a police officer and officials said the alleged attacker escaped after an exchange of gunfire.
Both politicians are members of the Minnesota Democratic-Farmer-Labor Party.
Authorities have since urged residents of the Champlin and Brooklyn Park areas to stay in their homes.
In a Facebook post, Tim Walz, the governor of Minnesota, said: “I’ve been briefed this morning on an ongoing situation involving targeted shootings in Champlin and Brooklyn Park.
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“The Minnesota Department of Public Safety and local law enforcement are on the scene. We will share more information soon.”
This breaking news story is being updated and more details will be published shortly.
The hit musical about anti-government protest is now showing at the Kennedy Center in Washington DC.
Donald Trump was in the audience for Wednesday’s performance for what amounts to a busman’s holiday.
The narrative explores issues of social justice, love, and the enduring power of human compassion amidst a backdrop of poverty and revolution. Not everyone shares the president’s vision of those themes.
Indeed his presence drew what can only be described as mixed reviews from his fellow theatre goers – cheers and boos in equal measure as he waved from the front row of the circle.
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The script of Les Miserables barely presents a break from the day job – Trump won’t be the only one getting a sense of art imitating life, as the real thing plays out on the streets of LA.
It is the first show the president has chosen to attend since he made sweeping changes at the iconic venue, prompting an outcry and accusations that he was politicising art and ‘MAGAfying’ the venerated institution.
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According to CNN, a number of Les Miserables cast members had planned to sit out the performance in protest.
The Kennedy Center is a prestigious venue that showcases the best of American performance art.
More than 2,000 shows per year include the famous honours ceremony, an annual event that celebrates artists who have made a significant contribution to US culture.
Honourees through the years have included Joni Mitchell, Aretha Franklin, the Grateful Dead and Francis Ford Coppola.
Image: The Kennedy Center in Washington DC
Following his election in November, Trump made himself chairman of the Kennedy Center’s board and replaced members with political loyalists.
Traditionally, the board has been made up of individuals from across the political spectrum; after his election, Trump got rid of 18 members and replaced them with political soulmates, including his chief of staff Susie Wiles and Fox presenters Laura Ingraham and Maria Bartiromo.
Donald Trump signalled a change in artistic direction at the Kennedy Center when he wrote on social media of “Drag shows specifically targeting our youth”, and said of its production schedule: “We didn’t like what they were showing, we’re going to make sure it’s good and it’s not going to be woke.”
His changes prompted a number of acts to cancel shows at the venue in protest. The touring production of Broadway hit Hamilton cancelled dates, as did actor and producer Issa Rae, writer Louise Penny and Pulitzer Prize-winning folk musician Rhiannon Giddens.
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Trump’s attendance at the Les Mis performance was designed to boost fundraising, with donors paying up to $2m to attend a reception with the president.
Ticket sales and subscriptions have, reportedly, slumped since Trump’s changes although the centre’s management points out its campaign to renew subscriptions has been launched later this year than last.
Trump watched the performance of Les Miserables from the presidential box, in the company of his wife, Melania.
Vice president JD Vance was also there. When he attended a performance by the National Symphony Orchestra in March with his wife, he was booed by members of the audience.