Temu founder Colin Huang has become China’s richest man with a net worth of $48.7 billion, according to the Bloomberg Billionaires Index, in a reversal of fortunes.
Huang, a former Google engineer, started ecommerce platform Pinduoduo in 2015 and saw his wealth rise to $71 billion in 2021 before he lost 87 percent of it the next year amid the Chinese regime’s regulatory “crackdown” on the tech industry. Now Huang is the 25th richest man in the world as shares in his PDD Holdings Inc. rise with Temu eating market share from ecommerce giants such as Amazon and other Chinese companies like Alibaba.
