nsky magnt lost $ 27 billion after his company’s action

Colin Chuang, the founder of Pinduoduo’s e-commerce platform, has lost more wealth in the world this year.

According to Bloomberg Billionaires Index, the value of his assets was $ 27 billion (€ 22.92 billion) a year. The shares of his company fell sharply after it hit against the internet giants. This is the largest drop in assets among the 500 members of the index, but the loss of about 16 billion USD of China Evergrande Group chairman Chuej Kcha Jena, whom the real estate empire has rescued with a pile of debts.

It is so far the clearest example of how the situation in the German billion-dollar class has turned, because President Si Inping demands common prosperity and wants to keep businesses in the modest sector in check. Shares of Pinduoduo or PDD fell more this year than shares of Alibaba Group or Tencent Holdings.

PDD is hurt by a number of ranks compared to other technology companies with “advanced and profitable models, such as Alibaba and Tencent,” said Kenny Ng, a securities strategy at Everbright Sun Hung Kai in Hong Kong. the performance of its action lags behind other technology companies, “he added

Colin Chuang, who owns a 28 percent stake in PDD, founded the company in 2015 and quickly built an e-commerce giant from it. The number of active PDDs reached 788 million in December last year, which is more than 779 million hours of its rival Alibaba.

The market value of the company peaked at $ 178 billion, not down to about $ 125 billion. Last month, it reported its first quarter of a profit as a public company.

Colin Chuang, whose assets are currently worth about $ 35 billion, resigned as general manager last year and resigned as chairman in March.

PDD is one of the technology giants that will make the company invest in philanthropy projects in response to President Si Inping’s campaign to close the gap in wealth. Last month, the PDD announced that it would divert revenue of $ 1.5 billion to help develop the country’s economy. Last year, Chuang and the founders of tm PDD donated $ 2.4 billion in shares to the charity.

According to the Bloomberg index, it is among the 10 billion with the largest decline in certain assets this year. These include ung an-an, chairman of Nongfu Spring for $ 18 billion in bottled water, with Chuej Kcha Jen of Evergrand and Pony Ma of Tencent, whose assets fell by more than $ 10 billion.

Jack Ma, co-founder of Alibaba, lost $ 6.9 billion this year.

The post nsky magnt lost $ 27 billion after his company’s action appeared first on Newsy Today.

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