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TikTok Founder Tops Asia Wealth
Chang Yiming, co-founder of ByteDance, the company behind TikTok, has become the richest person in Asia after his fortune exceeded $105 billion, surpassing Indian businessman Gautam Adani. This came after ByteDance's valuation increased based on assessments from major investment sources, despite differing estimates of his wealth—Bloomberg valued it at over $105 billion, while Forbes estimated it at around $84 billion. Chang’s wealth grew by more than $12 billion in the past month due to new valuations of investor holdings. Meanwhile, Adani’s wealth declined as a result of portfolio rebalancing in stock indices, along with the impact of rising oil prices and bond yields. Under his leadership, ByteDance has focused on AI investments, including the Chatbot "Du Bao" and the video generator "Sidan," while developing an AI model that processes trillions of transactions—marking the company's biggest opportunity amid intense competition within the Chinese market.
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