Has Pinduoduo gone mad? The company seems to have cut its own throat. Last night, Pinduoduo’s stock price plummeted by 28%, wiping out $55.5 billion in market value overnight—equivalent to the entire market cap of NetEase. This also led to a $14 billion drop in the personal wealth of its founder, Huang Zheng. On August 9, Huang had just become China’s richest person with a net worth of $48.6 billion, surpassing the founder of Nongfu Spring. But after only 18 days as the richest person, he has already ceded the title back to Zhong Shanshan. So, what’s going on with Pinduoduo to cause a 30% drop in just one day?
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Temu in Big Trouble! Pinduoduo Plummets 45% in Two Days, $55 Billion Market Value Evaporated
