Fifth Highest-Paid TikTok Creator Launches Venture Capital Fund

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  • Bloomberg Technology published this video item, entitled “Fifth Highest-Paid TikTok Creator Launches Venture Capital Fund” – below is their description.

    Apr.22 — The fifth highest-paid TikTok content creator Josh Richards has 24.9 million followers on the platform and earns over $1 million through high-end sponsorships, podcast deals and even some of his own new entrepreneurial endeavors. Together with other TikTok creators and Marshall Sandman, former analyst at Goldman Sachs, 19-year-old Richards launched Animal Capital, the first Gen. Z-focused venture capital fund with digital mega stars at the founder level. The fund will focus on consumer and financial technology, health and wellness and media. Richards and Sandman speak to Emily Chang on “Bloomberg Technology.”

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    TikTok, known in China as Douyin, is a Chinese video-sharing social networking service owned by ByteDance, a Beijing-based Internet technology company founded in 2012 by Zhang Yiming. It is used to create short music, lip-sync, dance, comedy and talent videos of 3 to 15 seconds, and short looping videos of 3 to 60 seconds.

    ByteDance first launched Douyin for the Chinese market in September 2016. Later, TikTok was launched in 2017 for iOS and Android in most markets outside of mainland China; however, it only became available worldwide, including the United States, after merging with another Chinese social media service Musical.ly on 2 August 2018.

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