Temu’s moment as a stiff competitor to Amazon and Shein came and passed—and so did the founder’s reign as the richest man in China.
PDD Holdings, the parent company of the fast-growing Temu shopping platform, had a terrible, horrible, no-good, very bad Monday, losing a whopping $50 billion in market value after the e-commerce giant posted disappointing quarterly revenue. This consequently knocked Colin Huang, founder of Pinduoduo (whose parent company is also PDD Holdings), off his pedestal as the wealthiest person in China just weeks after he earned that title.
