 "Colin Huang, chief executive officer and founder of Pinduoduo")
It’s been a record year for China’s internet moguls, but not in the way most would have hoped.
The country’s 10 richest tech tycoons lost $80 billion in combined net worth in 2021, according to the Bloomberg Billionaires Index, amid widescale crackdowns by Chinese regulators. The drop represents almost a quarter of their total wealth and is the largest one-year decline since 2012, when the index started tracking the world’s richest people.
Pinduoduo Inc. founder Colin Huang lost the most this year -- $42.9 billion, or two-thirds of his fortune -- as shares of the e-commerce platform plunged nearly 70%.
