Paul Yeung/BloombergTwo of China’s wealthiest tech tycoons saw their fortunes tumble this week after a consumer group criticized some of their business practices. Shares of Pinduoduo dropped 9.1% on the news, wiping out roughly $4.3 billion of Huang Zheng’s net worth. The founder of the e-commerce is now worth $42.9 billion, according to Forbes Real-Time Billionaire List, making him China’s fourth-richest person. Meituan’s founder Wang Xing saw his wealth drop $2.5 billion as investors sold down shares of the food-delivery company again on Tuesday. Some Chinese netizens on Weibo compared Wang’s poem post with the speech given by his rival Jack Ma at a high-profile financial forum in October 2020.

Source: Forbes May 11, 2021 11:37 UTC