China’s richest techie loses $14 billion in one day

The founder of the Chinese company PPD Holdings that owns e-commerce platform Temu, Colin Huang, has seen a significant drop in his net worth. Following a decline in PDD’s shares this week, Huang’s fortune plummeted by $14.1 billion in a day which was also the the largest one-day loss in his career.
According to the Bloomberg Billionaires Index, this decline has pushed Huang from the top spot to the fourth-wealthiest person in China, with a net worth of $35.2 billion.