PDD Holdings, the parent company of Temu, lost $50 billion in market value after disappointing quarterly revenue, causing founder Colin Huang's wealth to plummet.
Colin Huang, who briefly became the richest man in China, saw his net worth drop by $14.1 billion in a single day due to market losses.
"We are seeing many new challenges ahead from changing consumer demand, intensifying competition, and uncertainties in [the] global environment," said Lei Chen, co-CEO.
Huang's rapid rise and fall underscore the volatility in the e-commerce sector, particularly with Temu's ongoing scrutiny for its import and product quality practices.
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