One Chinese billionaire has lost $27 billion in personal wealth during Beijing's tech crackdown

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One Chinese billionaire has lost $27 billion in personal wealth during Beijing's tech crackdown
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  • Pinduoduo founder Colin Huang has seen $27 billion evaporate from his personal coffers in 2021, the worst loss of wealth of anyone in the world this year, according to Bloomberg.
  • Huang's losses dwarf even those of Evergrande founder Xu Jiayin, who had lost $16 billion as of last Thursday.
  • Six of the 10 billionaires who have lost the most wealth this year are Chinese denizens, including Huang, Xu, and Tencent's Pony Ma.

Even as a looming Evergrande default spooks markets, China's assault on the tech sector continues to take its toll, costing one Chinese tycoon billions in personal wealth, according to the latest edition of the Bloomberg Billionaires Index published last week.

Pinduoduo founder Colin Huang has seen $27 billion evaporate from his personal coffers in 2021, the worst loss of wealth of anyone in the world this year, according to Bloomberg. Huang's losses dwarf even those of Evergrande founder Xu Jiayin, who had lost $16 billion as of last Thursday.

Huang's Pinduoduo has lost more than 40% of its value so far this year, outstripping the already massive losses of Chinese tech titans like Tencent and Alibaba.

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The latest Bloomberg numbers are in line with previous numbers in August that found Huang had lost $15.6 billion, about a third of his wealth, since Didi's disastrous IPO. Huang currently owns 28% of Pinduoduo after stepping down as CEO and chairman earlier this year, according to Bloomberg.

The collapsing valuations have come as the state is undergoing a wide-ranging effort to reorganize Chinese society toward the notion of "common prosperity."

As such, six of the 10 billionaires who have lost the most wealth this year are Chinese denizens, according to Bloomberg. They include Huang, Evergrande's Xu, and Tencent's Pony Ma.

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Alibaba founder Jack Ma, arguably the first high-profile victim of Beijing's regulatory onslaught, has lost a comparatively modest $6.9 billion this year. However, his losses look far worse if you measure from last November, when the crackdown on Ant Group, an Alibaba affiliate, began in earnest.

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