China cracks down on tech titans: Billionaire loses $27 billion in world's biggest wealth drop

WION Web Team
NEW DELHIUpdated: Sep 17, 2021, 11:52 PM IST

Pinduoduo's founder Colin Huang Photograph:(Twitter)

Story highlights

Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc, has lost more wealth this year than anyone else in the world.

Over the previous 11 months, China has cracked down on its internet behemoths.

As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others have faced growing regulatory pressure.

The Chinese government's antagonistic approach has resulted in the world's largest wealth loss.

The Chinese stock markets have already lost about three-quarters of a trillion dollars. 

According to Bloomberg, Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc (PDD), has the unpleasant distinction of being the man who has lost the most money this year.

According to Bloomberg's Billionaire Index, Huang's wealth has decreased by $27 billion (RMB 174 billion).

The cause for the historic decrease is a free plunge in Pinduoduo's stock following CCP's crackdown on internet behemoths.

Huang's abrupt decrease is the most extreme of any of the index's participants.

Hui Ka Yan, Chairman of Evergrande, one of China's leading real estate developers and currently mired in debt, lost only $16 billion. 

According to the Bloomberg ranking, six of the ten billionaires with the largest net worth decreases this year are from China.

Zhong Shanshan, the chairman of bottled water company Nongfu Spring Co, has lost $18 billion, as has Hui, the embattled developer Evergrande, and Tencent's Pony Ma, who has lost more than $10 billion. 

(With inputs from agencies)