Zhang Yiming, the founder of ByteDance and creator of TikTok, has overtaken Mukesh Ambani to become Asia’s second-richest person, according to the Bloomberg Billionaires Index.
Zhang’s net worth has climbed to around $92.8 billion, making him China’s richest person as well. Ambani’s wealth currently stands near $86.9 billion, while Gautam Adani continues to hold the top spot in Asia.
The surge in Zhang Yiming’s wealth is largely linked to ByteDance’s rising valuation, TikTok’s continued global popularity, and the company’s growing ambitions in artificial intelligence. ByteDance’s AI chatbot Doubao has reportedly become China’s most-used AI chatbot with more than 300 million monthly users.
Reports also suggest ByteDance is planning massive investments in AI infrastructure and computing power over the coming years. Analysts believe easing concerns around ByteDance’s US business structure also helped improve investor confidence and company valuation.
