Temu Founder Loses China’s Richest Person Title After Just 18 Days
- Colin Huang’s wealth falls $14 billion after PDD sales warning
- Billionaire now ranks fourth as shares slump a record 29%
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Colin Huang’s reign as China’s richest person only lasted about two weeks.
A slump Monday in shares of PDD Holdings Inc., the parent company of e-commerce giant Temu, sent Huang’s fortune tumbling by $14.1 billion, his biggest one-day loss ever. Huang is now the fourth-wealthiest person in China with a net worth of $35.2 billion, according to the Bloomberg Billionaires Index.