Hong Kong: The chairman of the world’s largest contract chipmaker has become a billionaire thanks to expected demand for Apple Inc.’s new iPhone. Taiwan Semiconductor Manufacturing Co. (TSMC) shares have surged 25% in the past year, lifting founder and chairman Morris Chang’s personal fortune to $1 billion, according to the Bloomberg Billionaires Index. Chang, 86, owns 0.5% of the business directly and through his family, according to a May 2017 filing to the Taiwan Stock Exchange. Chang founded TSMC in 1987 with backing from Taiwan’s government, which remains the company’s largest shareholder through the National Development Fund’s 6.4% stake. He stepped down as chief executive officer in 2005 only to return when TSMC’s business stagnated, serving another stint as CEO between 2009 and 2013.

Source: Mint July 13, 2017 04:18 UTC