TikTok co-founder Zhang Yiming, 43, has overtaken Indian billionaire Gautam Adani to become Asia’s richest person, according to the Bloomberg Billionaires Index.
Zhang, who co-founded TikTok’s parent company ByteDance, has an estimated net worth of $105.5 billion, compared with Adani’s $104.8 billion.
The development highlights the growing wealth generated by the technology sector, particularly companies operating in social media and artificial intelligence.
According to Bloomberg, Zhang’s fortune has increased more than eightfold from $13 billion in March 2019. His estimated wealth rose by more than $12 billion in September following updated valuations of ByteDance by major investment firms, including BlackRock, Fidelity Investments and T. Rowe Price.
ByteDance, the Chinese technology company behind TikTok, has expanded into artificial intelligence with products including the Doubao chatbot and Seedance video-generation tool.
Meanwhile, Adani’s wealth, which reached approximately $120 billion in June, has declined amid changes to stock market indices and broader market pressures linked to higher oil prices and bond yields.
Zhang’s rise to the top of Asia’s wealth rankings comes after ByteDance navigated years of regulatory uncertainty surrounding TikTok’s operations in the United States.
Bloomberg’s billionaire rankings are based on estimated net worth and can change with market movements and company valuations. (Newswire)
The post Asia’s Richest: At Just 43, He’s Richer Than Gautam Adani — Here’s How appeared first on Newswire.