Zhang Yiming becomes Asia's 2nd-richest after ByteDance valuation surge
Zhang Yiming, the co-founder of ByteDance (yep, the company behind TikTok), has jumped ahead of Mukesh Ambani to become Asia's second-richest person.
His net worth now sits at $92.8 billion, thanks to ByteDance's skyrocketing value, driven by TikTok's worldwide popularity and its Doubao AI chatbot pulling in over 300 million monthly users.
TikTok US transfer boosts Zhang Yiming
ByteDance pulled this off even while facing US regulatory hurdles.
Earlier this year, they transferred part of TikTok's US business to an Oracle-led group, which actually boosted investor confidence and added more than $24 billion to Zhang's fortune.
Meanwhile, Ambani is now third in Asia with $86.9 billion, and Gautam Adani holds the top spot at $117.4 billion.
Plus, ByteDance is discussing expenditures of as much as $70 billion into AI this year, so Zhang might not be done climbing yet.