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On October 11, the Chinese social media platform Douyin banned the account of "Da Lan," a financial influencer with over 10 million followers. The ban comes amidst controversy surrounding his stock market advice and accusations of misleading his audience.
Da Lan, whose real name is Lan Tianhang, rose to fame in 2020 as a charismatic financial guru, amassing 4 million followers in just three months. His videos, often set against backdrops of luxury cars and high-end office spaces, covered topics ranging from entrepreneurship and real estate to relationships, all from the perspective of a successful businessman.
However, the influencer's recent stock market-related content has sparked outrage among his followers. Many users reported significant losses after following his investment advice, with some accusing him of market manipulation. On October 9, Da Lan posted a video defending himself, claiming his intentions were to ensure his followers didn't miss out on a bull market. He also accused certain individuals of inciting negative emotions among those who had lost money, leading to what he described as cyberbullying against him.
Before his rise to social media stardom, Da Lan worked as a fitness instructor and was involved in various business ventures, including restaurant franchising. His transition to the world of financial advice and knowledge monetization proved immensely lucrative. He offered a range of courses priced from 19.9 yuan to 79,800 yuan (approximately $3 to $11,000), with his most exclusive "Private Board" membership costing nearly 100,000 yuan ($14,000).
The Galactic Business School website claims that Da Lan's "Private Board" has over 722 members, potentially generating over 70 million yuan ($9.7 million) in revenue from this program alone. His business model extended to IP incubation services priced at 298,000 yuan ($41,000), which he claimed had a "performance-based" nature.
Da Lan's rapid rise and controversial monetization strategies have not gone unnoticed by Chinese authorities. In September 2022, People's Daily published an article criticizing short-video training courses for "fleecing" users, specifically mentioning Da Lan's account.
Following this public scrutiny, Da Lan deleted numerous videos, canceled a scheduled offline course, and temporarily ceased his live streaming activities. However, he soon resumed his online presence, continuing to showcase a lavish lifestyle in his content.
The recent ban on Da Lan's account has reignited discussions about the responsibility of financial influencers and the potential risks they pose to inexperienced investors. Many netizens have expressed relief at the platform's decision, with one user commenting, "These self-proclaimed financial gurus are more dangerous than professional fraudsters."
