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China’s Tech Moguls See $80 Billion of Wealth Evaporate in 2021

  • PDD’s Colin Huang led global losses with $43 billion plunge
  • China’s internet sector is target of increased crackdowns

It’s been a record year for China’s internet moguls, but not in the way most would have hoped.

The country’s 10 richest tech tycoons lost $80 billion in combined net worth in 2021, according to the Bloomberg Billionaires Index, amid widescale crackdowns by Chinese regulators. The drop represents almost a quarter of their total wealth and is the largest one-year decline since 2012, when the index started tracking the world’s richest people.