China Mogul Loses $27 Billion in World’s Biggest Wealth Drop
- Huang’s wealth has declined as Pinduoduo shares tumble
- Company has been hit by China’s crackdown on internet giants
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Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc., has lost more wealth this year than anyone else in the world.
Huang’s fortune has dropped by more than $27 billion, according to the Bloomberg Billionaires Index, after the company’s stock plunged as China cracked down on its internet giants. That’s the biggest decline among the 500 members of the index, much larger even than the roughly $16 billion lost by China Evergrande Group Chairman Hui Ka Yan, whose real estate empire is struggling under a pile of debt.