Posted on 09/19/21
| News Source: The Sun
A tycoon has had his fortune slashed by a whopping $27 billion as China cracks down on tech firms.
Chinese billionaire Colin Huang, the founder of the e-commerce platform Pinduoduo Inc saw his fortune dropping after the stocks of his company plunged.
It is the biggest drop in wealth recorded according to the Bloomberg Billionaires Index.
In comparison, Hui Ka Yan, Chairman of Evergrande, one of China’s largest real estate developers lost $16 billion.
The Chinese mogul who owns 28 per cent of PDD, founded the company in 2015 and quickly turned it into an e-commerce giant through community buying.
According to Bloomberg, the Shanghai-based company had about 788 million active users in 2020 and its market value reached $178 billion before falling to about $125 billion.