Mr Yiming, with a whopping net worth of $44 billion, says he would spend his retirement reading books and daydreaming.

The 38-year-old founder of ByteDance, Zhang Yiming, has announced he will be stepping down from his position as the CEO of the company which owns the popular video-sharing network, Tiktok.

Mr Yiming, with a whopping net worth of $44 billion, says he would spend his retirement reading books and daydreaming.

The billionaire, in a letter sent to his staff, said he would leave by the end of the year to focus on other important things to him after years of service to the company.

He also claims he has embraced his self awareness to acknowledge he is not the right person to head the company, going forward.

“The truth is, I lack some of the skills that make an ideal manager. Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible,” he explained.

Mr Yiming will be handing over to the co-founder and head of Human Resources Liang Rubo by the end of this year.