China's newest billionaire, Tuya CEO Jerry Wang, worked at China e-commerce heavyweight Alibaba ... [+] Group earlier in his career. Alibaba and Tuya are both headquartered in Hangzhou. At yesterday’s closing price of $25 a share, founder and CEO Jerry Wang’s 86.6 million shares in Tuya held through his Tuya Group were worth $2.2 billion; he is the settlor of a trust that holds 27 million shares that were worth another $675 million. Prior to founding Tuya 2014, Wang worked as a senior director in China e-commerce heavyweight Alibaba, launching product innovations for Alibaba Cloud and Alipay that included Alibaba’s QR code payment system, according to the company’s prospectus. Hangzhou, China-headquartered Tuya raised $915.4 million in an IPO this month.

Source: Forbes March 19, 2021 18:45 UTC