A slump Monday in shares of PDD Holdings Inc., the parent company of e-commerce giant Temu, sent Huang's fortune tumbling by $14.1 billion, his biggest one-day loss ever.
PDD reported quarterly revenue that missed analyst estimates and warned that sales growth will slow. CEO Chen Lei emphasized that the firm's current trajectory isn't sustainable.
"We are facing intense competition on different fronts and also uncertainties from external factors," Chen said, highlighting the challenges PDD faces amid expanding competitors.
Huang's net worth peaked at $71.5 billion in early 2021, but recent stock declines pushed him to the fourth position among China's wealthiest.
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