Colin Huang, founder of the Chinese e-commerce platform Pinduoduo, questlost more wealth than anyone else in the world.
Huang’s fortune fell by more than $ 27 billion, according to the Bloomberg Billionaires Index, after the company’s shares plummeted as China cracked down on internet giants.
Huang’s loss is the largest among the members of the Bloomberg Billionaires Index, which includes 500 people, as his losses surpassed his Chinese compatriot Hui Ka Yan, chairman of the board of directors of the Chinese group Evergrande, who lost about 16 billion dollars in 2021, due to the suffering of his real estate company from the largest debt pile in the world, which amounted to 300 billion dollars.
This comes after Chinese President Xi Jinping called for a “shared prosperity” campaign, which forced companies to donate billions of dollars, as well as crack down on private sector companies in the shared Internet, gaming and transportation sectors.
Bindudo’s shares fell questyear more than Alibaba Group and Tencent.
Everbright securities analyst Sun Hung Kai Co, Kenny Ng, said, “Bindudu is more prone to aggressive campaigns than peers with mature and profitable models like Alibaba and Tencent, which is the main reason why stocks are in lagging behind other tech companies “.
Pendudo’s US deposits fell by 44% quest’year, compared with a 33% decline for Alibaba’s CDs, while Tencent shares fell 18% questyear in Hong Kong.
Huang, who owns 28% of Bindudu, founded the company in 2015 and quickly transformed it in an e-commerce giant paving the way for community buying.
The company’s annual active users jumped to 788 million in December, surpassing the 779 million users in the market online by Alibaba.
The company’s market capitalization peaked at $ 178 billion before falling to around $ 125 billion.
Huang, who is now worth about $ 35 billion, stepped down as CEO last year and also stepped down as president in March.
Bindudu last month set aside $ 1.5 billion in profits to help develop the country’s agriculture. Previously, the team Pindudo’s founder also donated $ 2.4 billion of company stock to a charity fund last year.
Of the 10 billionaires who experienced the largest decline in their net worth questyear, six are from China, according to the Bloomberg index. They include Zhong Shanshan, president of the water company in bottle Nongfu Spring Co., which lost $ 18 billion, Evergrande’s Hui and Tencent’s Bonnie Ma, whose fortune fell by more than $ 10 billion.
In addition to these six, Jack Ma, co-founder of Alibaba, lost a fortune of $ 6.9 billion quest’year.
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