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ByteDance co-founder Zhang Yiming has surpassed Mukesh Ambani as Asia’s second-richest person, with a net worth of $92.8 billion, primarily due to the increased valuation of ByteDance. This surge is attributed to the success of its generative AI chatbot Doubao, the transfer of TikTok’s US operations, and ByteDance's planned expenditure of up to $70 billion in AI this year to lead the Chinese AI market and challenge global players.