© 2017 Bloomberg Finance LPA 16.5% dive in the U.S.-traded shares of Baidu, China’s top online search engine, erased $1.4 billion from the fortune of the company’s CEO on Friday. Robin Li’s wealth dropped to (a still flush) $7.3 billion, according to a Forbes estimate. Baidu’s stock plunged after the company announced a loss of $49 million in the first quarter, its first since going public in 2005. Baidu also announced that its senior vice president for search and feed-related businesses, Hailong Xiang, had resigned. The value of shares held by Li’s wife Melissa Ma fell by approximately $380 million on Friday, leaving her with an estimated fortune of $2 billion.

Source: Forbes May 19, 2019 01:18 UTC