ByteDance founder Zhang Yiming has overtaken Gautam Adani as Asia’s richest person, with a fortune above US$105 billion after updated estimates raised the TikTok owner’s value as investor interest in AI grew.

Updated valuations from BlackRock, Fidelity Investments, and T. Rowe Price added more than US$12 billion to Zhang’s net worth this month.

The index still applies a 10% discount because ByteDance is privately held.

Adani’s fortune reached US$120 billion in June before falling amid Morgan Stanley Capital International index rebalancing and a broader selloff linked to higher oil prices and bond yields.

Zhang’s rise came as ByteDance pushed beyond TikTok into AI products including Doubao and Seedance, the latter launched through ByteDance’s Seed program.

Private-market reference points varied. A 2023 share buyback valued ByteDance at US$268 billion, while a proposed General Atlantic sale valued the company at US$550 billion.

TikTok’s business in the US also continues to face scrutiny.

🔗 Source: The Economic Times

Recent ByteDance developments