ByteDance founder becomes China's richest person

Zhang Yiming, founder of Chinese tech heavyweight ByteDance, has become China's richest person for the first time, according to the Bloomberg Billionaires Index.

Zhang's personal wealth has reached $57.5 billion, surpassing Zhong Shanshan, founder of bottled water company Nongfu Spring and Tencent Chairman and CEO Ma Huateng.

His wealth has jumped by more than $10 billion after Bloomberg analyzed the valuations from investors. The index also showed that Zhang now ranks as Asia's third richest person.

Zhang, 41, stepped down as CEO of ByteDance, the parent company of short-video app TikTok in 2021, with a focus on long-term strategy, corporate culture and social responsibility.