Colin Huang’s reign as China’s richest person only lasted about two weeks.
A slump in shares of PDD Holdings, the parent company of e-commerce giant Temu, sent Huang’s fortune tumbling by $US14.1 billion , his biggest one-day loss ever. Huang is now the fourth-wealthiest person in China with a net worth of $US35.2 billion, according to the Bloomberg Billionaires Index.It’s a dramatic drop for the founder of PDD, who on August 8 became the first tech tycoon to top China’s wealth rankings in more than three years, displacing bottled-water billionaire Zhong Shanshan.
Management also dampened expectations for potential dividend payouts and share buybacks in the next few years.
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