Man behind TikTok surpasses Mukesh Ambani as Asia's 2nd-richest person
What's the story
Zhang Yiming, the co-founder of ByteDance, has surpassed Mukesh Ambani to become Asia's second-richest person. According to the Bloomberg Billionaires Index, Zhang's net worth has jumped to $92.8 billion. This massive increase is primarily due to the surge in ByteDance's valuation, fueled by TikTok's global popularity and its Doubao AI chatbot which has gained over 300 million monthly users.
Business maneuvers
Strategic moves amid challenges
Despite facing regulatory challenges in the US, ByteDance has made some strategic business moves. Earlier this year, the company transferred part of TikTok's US business to an Oracle-led group. This move actually boosted investor confidence and added over $24 billion to Zhang's fortune. Meanwhile, Ambani is now the third richest in Asia with a net worth of $86.9 billion while Gautam Adani remains on top at $117.4 billion.
AI investments
ByteDance's AI ambitions and financial strength
ByteDance is also considering investing up to $70 billion in artificial intelligence (AI) this year. The company's financial strength comes from the nearly $50 billion profit it made in 2025. "Removing the US overhang unlocked the re-rating of the remaining ByteDance entity," said Ke Yan, a Singapore-based tech analyst with DZT Research.