(Image source from: Bloomberg)
Zhang Yiming, a co-founder of ByteDance, has overtaken Indian billionaire Mukesh Ambani to become the second richest person in Asia, thanks to an increase in the value of the Chinese tech firm and advancements in its AI projects. Zhang's wealth now stands at US$92.8 billion, making him the wealthiest individual in China according to the Bloomberg Billionaires Index. Since Bloomberg started monitoring his wealth in March 2019, when he was valued at US$13 billion, his fortune has grown by more than seven times. This remarkable increase comes as ByteDance’s TikTok app thrives, along with its Doubao AI chatbot, which has gained over 300 million monthly users and is the most popular in China.
Earlier in 2026, ByteDance also shifted parts of its US operations to American investors. Amy Lin, an analyst at Capital Securities based in Shanghai, mentioned that the rise in valuation indicates strong business fundamentals and the success of apps like Doubao in China. She also stated that developments in the US are not likely to have a significant negative effect.
The Bloomberg Billionaires Index applied a 25 percent risk discount to ByteDance’s valuation following the approval of a Bill by the US House of Representatives in March 2024 that aimed to prohibit TikTok's operations in the US unless its Chinese owner sold it. This discount was decreased to 10 percent on June 2, which reflected the conclusion of the US sale and the initial valuations provided by institutional investors in regulatory documents released in late May. Zhang's fortune increased by over US$24 billion once Bloomberg evaluated valuations from firms like BlackRock, Fidelity Investments, and T. Rowe Price Group, along with those from HSG and General Atlantic in May. ByteDance has not quickly responded to a request for comments. Meanwhile, according to the Bloomberg index, Ambani fell to the third richest person in Asia, with a net worth of US$86.9 billion, while Gautam Adani continued to lead the region with US$117.4 billion.
ByteDance is the most prominent private company in China. The company’s success with Doubao has led it to consider implementing subscription fees, which is uncommon in a country where users generally resist paying for online services. The firm has long been viewed as a strong candidate for a future initial public offering.
Despite transferring TikTok's US operations to a group led by Oracle, Silver Lake, and the Abu Dhabi-based investment firm MGX, the company's reputation remained strong. This transfer resolved years of political and regulatory concerns over what critics claimed could be national security risks. Now, the social media giant based in Beijing is heavily investing in artificial intelligence.
It is looking at spending up to US$70 billion in 2026 to try to dominate the Chinese AI market and compete with leading US companies globally, as reported by Bloomberg News in May.
A large part of this investment is expected to be supported by the nearly US$50 billion in profit it generated in 2025. Ke Yan, a tech analyst with DZT Research in Singapore, commented that eliminating the US concerns allowed the revaluation of the remaining ByteDance company. He added that even after the revaluation, the valuation appears low based on fundamentals.
