Temu Founder Colin Huang Loses $14 Billion in Single Day Amid Share Price Plunge
Colin Huang, the founder of Chinese e-commerce giant PDD Holdings and the online trading platform Temu, has seen his fortune plummet by 14 billion dollars in a single day. Huang, who had briefly held the title of China’s richest person, fell to fourth place following a significant 29 percent drop in the value of the company's shares traded in the US.
On August 8, Huang surpassed entrepreneur Zhong Shanshan, whose net worth is currently over 50 billion dollars, according to recent estimates....