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Fortune

Eva Roytburg

Once richer than Peter Thiel, Pop Mart’s Wang Ning sees $6 billion vanish with Labubu hype

Wang Ning Labubu Pop Mart Peter Thiel JPMorgan Fortune

Naomi Osaka of Japan shows off her grey sparkling Labubu Althea Glitterson while talking to the media after defeating Coco Gauff of the United States in the fourth round on Day 9 of the US Open at USTA Billie Jean King National Tennis Center on September 01, 2025 in New York City. (Credit: Robert Prange/Getty Images)

Just weeks ago, Pop Mart founder Wang Ning was riding high with a net worth of $27 billion, richer than Silicon Valley’s Peter Thiel, thanks to a rabbit-eared plush called Labubu.

The “ugly-cute” doll has been flaunted by celebrities from David Beckham to Blackpink’s Lisa, pushing resale prices to dizzying heights.

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