Zhang Yiming, the founder of the Chinese tech giant ByteDance, known for the social media app TikTok, is now the richest Chinese person in the world.
Bloomberg estimates Zhang’s fortune at $57.5 billion. He surpasses Zhong Shanshan, a beverage group owner, and Tencent founder Ma Huateng.
Zhang is now the third richest person in Asia, following Indians Mukesh Ambani and Gautam Adani.
This increase in wealth is due to a revaluation of ByteDance, a Chinese market leader in artificial intelligence development.
In the US, the future of TikTok remains uncertain. ByteDance has been ordered to sell TikTok in the US but has received a temporary reprieve from President Donald Trump.
