Chinese Online Shopping Tycoon Loses $4 Billion as He Steps Down
- Colin Huang gave up his chief executive officer role in July
- Huang is China’s third-richest man with $52.7 billion fortune
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Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc., lost more money than anyone else in the world on Wednesday, after saying he would give up his chairman role.
His net worth sank by $4 billion as shares of his company plunged 7.1% in the U.S. With a net worth of $52.7 billion, he’s China’s third-richest person, behind Zhong Shanshan of bottled-water company Nongfu Spring Co. and Tencent Holdings Ltd.’s Pony Ma, according to the Bloomberg Billionaires Index.