China's tech moguls see $80 billion of wealth evaporate in 2021

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 is 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  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 per