Zhang Yiming overtakes Gautam Adani as Asia’s richest person on Bloomberg’s index
ByteDance co-founder Zhang Yiming is now Asia’s richest person, with an estimated fortune of more than $105bn, putting him ahead of Indian industrialist Gautam Adani, according to Bloomberg. The ranking comes from the Bloomberg Billionaires Index, and Zhang, 43, has never held the top spot before.
The figure is an estimate, and other trackers disagree. Forbes’ real-time list put Zhang’s net worth at $84bn on Wednesday. The gap comes largely from how each list values ByteDance, a private company whose shares do not trade publicly. Bloomberg applies a 10% risk discount to its valuation.
Investor valuations drove the latest jump. Zhang’s wealth rose by more than $12bn this month after Bloomberg analyzed the latest marks that BlackRock, Fidelity Investments, and T. Rowe Price put on their ByteDance holdings. In June, the index had already lifted him past Mukesh Ambani into second place, after Bloomberg cut its ByteDance discount from...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
