Temu’s Founder Lost His Title As China’s Richest Person In Just 20 Days

Temu’s moment as a stiff competitor to Amazon and Shein has come and gone—and so has its founder’s reign as the richest man in China, Sydney Lake reported for Fortune.

After PDD Holdings tanked last week, Huang’s net worth plummeted a staggering $14.1 billion to $33.5 billion. I Photo: Pinduoduo

PDD Holdings, the parent company of the fast-growing Temu shopping platform, had a terrible, horrible, no-good, very bad Monday, losing a whopping $50 billion in market value after the e-commerce giant posted disappointing quarterly revenue.

This consequently knocked Colin Huang, founder of Pinduoduo (whose parent company is also PDD Holdings), off his pedestal as the wealthiest person in China just weeks after he earned that title.

Huang, 44, became China’s richest person on August 8, boasting impressive results from Pinduoduo, a popular gamified online marketplace that connects buyers and sellers in China.

It’s also the company behind discount shopping website Temu, which has grown in popularity in the U.S. during the past couple of years—although it’s facing intense scrutiny by governments for using import trade loopholes and for the quality and origins of its products.

While the company is technically headquartered in Ireland, the majority of Temu’s employees work in China.

After PDD Holdings tanked earlier this week, Huang’s net worth plummeted a staggering $14.1 billion to $33.5 billion, the Bloomberg Billionaires Index shows. That makes him the fourth-wealthiest person in China and the 48th wealthiest person in the world, the index showed at the time of Fortune’s publication.