Chinese tech giant TikTok recently appointed Singaporean Chew Shou Zi as its new CEO in early May, replacing Kevin Mayer, who stepped down last year.
Today (July 30), he is reported to be in the initial stage of purchase of a good class bungalow (GCB) for 86 million Singapore dollars.
He will redevelop an existing property in Queen Astrid Park that spans over 31,800 square feet, which is equivalent to approximately S $ 2,700 per square foot.
This news follows a recent spate of GCB buyouts from other startup founders. Last month, Ian Ang, the CEO and co-founder of gaming chair maker Secretlab, bought two luxury properties in one week for $ 51 million.
The 28-year-old had spent the cash on a GCB at 27 Olive Road in the Caldecott Hill Estate for S $ 36 million, and a 7,007-square-foot five-bedroom triplex penthouse at Leedon Residence for S $ 15 million.
Meanwhile, the family of Grab CEO Anthony Tan ‘grabbed’ a good-class bungalow near Holland Village for S $ 40 million and Razer CEO Min-Liang Tan is reported to be in the early stages of the purchase of a GCB in the Bin Tong Park area for S $ 40 million.
These recent real estate sprees have cemented their status as “ultra-high net worth individuals.”
TikTok’s new CEO has an illustrious career
Image Credit: RTE
The Harvard graduate joined TikTok at a crucial time, which is at the peak of its popularity with approximately 689 million users worldwide.
However, it has to manage political tensions between China and the United States, which have growing concerns about data privacy in the app, which gets its popularity in large part by being able to predict what users want to see next using. its powerful algorithm.
Chew also has a very illustrious career. One of his first full-time positions was in investment banking at Goldman Sachs. He was there from 2006 to 2008, before joining DST Investment Management, where he was a partner from 2010 to 2015.
Before joining TikTok, he was the Chief Financial Officer (CFO) of Bytedance, TikTok’s parent company, although he only served for three months.
He was also appointed CFO of Xiaomi, one of China’s largest smartphone companies, in 2015. He served for four years before becoming the president of the company’s international business.
During his time, he was able to obtain financing from investors and played a significant role in the inclusion of Xiaomi on the list.
Featured Image Credit: Chew Shou Zi via Twitter / Google Map