Colin Huang has ended beverage mogul Zhong Shanshan's three-year run amid the runaway success of e-commerce apps Temu and Pinduoduo.
China has a new richest man in 44-year-old e-commerce tycoon Colin Huang, according to the Bloomberg Billionaires Index.Huang, a former Google engineer, is now estimated to have a net worth of $48.7 billion, making him the wealthiest person in China and 25th richest in the world.Huang made his billions through PDD Holdings Inc., the parent company of retail platforms such as the Temu marketplace.
'Ma and Jeff Bezos have been corporate leaders in their moments, but the times have changed and Huang is seeing great success with a different, less visible approach,' Brock Silvers, managing director at private equity firm Kaiyuan Capital, told Bloomberg.Newsweek reached out to PDD Holdings for comment.Tesla founder Elon Musk, with a net worth of $229 billion, occupies the top spot on the list, where he has remained since May after briefly being overtaken by the current No.
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