Meet Colin Huang, who just stepped down as CEO of $100 billion Pinduoduo and whose wealth exploded by $25 billion in 2020
Added 07-03-20 04:14:02am EST - “Meet Colin Huang, the founder of ecommerce giant Pinduoduo. He resigned from Google in 2007 ?" now, he's worth more than $40 billion.” - Businessinsider.com
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Posted By TheNewsCommenter: From Businessinsider.com: “Meet Colin Huang, who just stepped down as CEO of $100 billion Pinduoduo and whose wealth exploded by $25 billion in 2020”. Below is an excerpt from the article.
Colin Huang isn't a household name outside of China, but he's a serious challenger to Alibaba founder Jack Ma and Tencent founder and CEO Pony Ma for the title of China's richest man.
Huang has just stepped down as the chief executive of Pinduoduo, a gamified online marketplace connecting buyers and sellers. It's popular in China and has a market cap of more than $100 billion, giving it a higher valuation than Uber or Sony.
People buy items on Pinduoduo such as iPhones at sale price while playing games, and rope in friends to "group-buy" groceries at huge discounts. Pinduoduo takes a small commission and charges sellers to promote their products on its app, but doesn't hold any stock.
Huang's fortune has exploded since. His net worth is up by $25 billion in 2020, and shares in Pinduoduo climbed to an all-time high of $87.58 on the Nasdaq on June 19.
On June 21, Forbes' Real-Time Billionaire Index showed Huang, worth $45.4 billion, briefly surpassing Alibaba's Jack Ma, worth $43.9 billion, to become China's second-richest man after Tencent's Pony Ma. Huang soon slipped back into third place and currently he is 23rd on the global Bloomberg Billionaires Index.
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