Chinese billionaire Colin Huang, the founder and former chairman of PDD Holdings, saw his net worth drop by a staggering $14 billion on Monday. This sharp decline came after the company’s stock fell nearly 30% following disappointing second-quarter revenue results.
A Significant Drop in Wealth
Huang, who recently became the richest person in China, now holds an estimated net worth of $35.3 billion. This loss has pushed him down to No. 50 on Forbes’ real-time billionaires list and to No. 4 in China, trailing behind Zhong Shanshan, Zhang Yiming, and Ma Huateng.
PDD Holdings’ Struggles
PDD Holdings, the parent company of the popular online marketplace Temu, reported earnings that missed analysts’ expectations. The company’s stock plunged to its lowest price of the year, trading at $97.35 just after 12 p.m. EST on Monday. The dip in stock price reflects broader challenges faced by Chinese online marketplaces amid the country’s economic downturn.
Huang’s wealth has fluctuated dramatically since he founded Pinduoduo, later renamed PDD Holdings, in 2015. Despite the current setback, his influence in the e-commerce industry remains significant, particularly as the company continues to invest heavily in its business amidst intensified competition and external challenges.
