Wealth dropped by 14.1 billion dollars: Colin Huang remained 'China's richest person' for only 18 days

Colin Huang, founder of PDD Holdings Group, the owner of the popular Chinese e-commerce platform Temu, has lost his status as 'China's richest person.'

With the decline in PDD Holdings shares, Huang's wealth decreased by 14.1 billion dollars. This was recorded as the largest single-day loss for the stock.

According to the Bloomberg Billionaires Index, Huang has fallen to 4th place with a net worth of 35.2 billion dollars.

Huang had become the richest person in China on August 8, surpassing the country's bottled water giant Zhong Shanshan. Zhong returned to the top spot on Monday with a wealth of 50 billion dollars.

A FORMER GOOGLE ENGINEER

PDD's quarterly revenues fell short of analyst estimates, and a warning was issued that sales would slow down. Company CEO Chen Lei stated that there is increasing competition on different fronts and that revenue growth will inevitably remain under pressure due to external challenges.

Huang, a former Google engineer, founded PDD in 2015, and by early 2021, his net worth had reached 71.5 billion dollars. The shopping platform Temu stands out for being cheaper than other platforms.

In Turkey, with the recent entry into force of the regulation on additional customs duties for orders coming from abroad placed electronically, the fast cargo shopping limit for international purchases from e-commerce sites like Temu was reduced from 150 euros to 30 euros.

News Source: 12punto