The Chinese billionaire lost 27 27 billion in a single year

New Delhi: Colin Huanke, founder of China's e-commerce platform Pinduodu, has lost more wealth this year than any other billionaire in the world. The Chinese government also slammed Huang's fortunes for attacking internet giants. Huang's fortune fell by more than બીજા 27 billion in a single year, more than any other billionaire in the world, due to the government's crackdown on Internet companies. In the index of 500 billionaires, this was the biggest decline in Huang's wealth. Earlier, Hui Ka Kan, chairman of China's Evergrand Group, lost 16 billion in assets.

His fortune plummeted as his real estate empire struggled with massive debt. President Xi Jinping is talking about increasing the wealth of every citizen and talking about the general well-being of every citizen. Jinping wants the rich to distribute their wealth more and more to the poor.

Shares of Pinduoduo or PDD have fallen more this year than Alibaba Group Holdings or Tencent Group Holdings. PDD has been significantly affected by the government's crackdown. Alibaba and Tencent have had less of an impact as their business models have matured, which is why their shares lag behind other companies.

PDD's American Depository Receipts (ADRs) are down 44 percent. In comparison, Alibaba's ADR is down 33 percent. Huang owns 28% stake in PDD. He founded the company in 2015. His company soon became a leading e-commerce company as it was the first in community buying. At the end of December, PDD had 788 million active users. It surpassed Alibaba's 779 million users. The company's market capitalization peaked at 17 178 billion and then fell to 125 125 billion. It posted its first quarterly profit last month. Huang, who currently has a net worth of 35 billion, resigned as the company's chief executive officer (CEO) last year and chairman of the company in March this year.

Of the world's ten billionaires whose wealth has declined this year, six were from China. Among them was Zhong Shenshen, who lost 18 18 billion, and Tencent's Tony Pae, who lost more than સ 10 billion.