Tycoon cut $ 27 billion in wealth in one of the biggest wealth losses ever as China cracks down on tech companies

As China cracks down on tech companies, Tycoon has cut his fortune by a whopping $ 27 billion.

Chinese billionaire Colin Huang, the founder of the e-commerce platform Pinduoduo Inc (PDD), saw his fortune fall after his company’s stock plunged.

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Colin Huang suffered the greatest loss of wealthCredit: Getty

According to the largest decline in wealth recorded Bloomberg Billionaire Index..

In comparison, Hui Ka Yan, chairman of Evergrande, one of China’s largest real estate developers, lost $ 16 billion.

The Chinese tycoon, which owns 28% of PDD, founded the company in 2015 and quickly became an e-commerce giant through community purchases.

according to BloombergThe Shanghai-based company had approximately 788 million active users in 2020, reaching $ 178 billion in market value before it fell to approximately $ 125 billion.

Huang resigned from his role as CEO and resigned as chairman in March.

Everbright Sun Hung Kai Co in Hong Kong. Kenny Ng, a securities strategist at the company, said PDD is “vulnerable to crackdowns compared to its peers with mature and profitable models.”

“This is the main reason why stock performance lags behind other tech companies.”

The company has pledged to provide $ 1.5 billion in revenue to support the country’s agricultural development.

This is an example of the effect of Xi Jinping President of China, which is calling for a “Sakitomiron”, “of excess income adjustment” campaign.

Of the 10 billion billionaires who suffered the biggest decline this year, six are from China.

The largest wealth decline ever recorded was Masayoshi Son, a Japanese businessman, whose wealth fell from $ 76 billion to $ 1.1 billion.

Billionaire is the founder and CEO of the telecommunications conglomerate Softbank, whose stock price plummeted in 2000.

Yasumitsu Shigeta, the founder of Hikari Tsushin, saw that $ 42 billion in wealth fell to $ 600 million.

In 2012, Brazil’s Eike Batista was the seventh wealthiest person in the world with a net worth of $ 35 billion.

The following year, his wealth plummeted to $ 200 million.

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Huang is the founder of the e-commerce platform Pinduoduo Inc.Credit: Getty
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Tycoon cut $ 27 billion in wealth in one of the biggest wealth losses ever as China cracks down on tech companies

Source link Tycoon cut $ 27 billion in wealth in one of the biggest wealth losses ever as China cracks down on tech companies

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