The owner of a cheap e-commerce site surpassed Jack Ma to become the second richest person in China

Tram Ho

On Friday, Pinduoduo shares rose 6% to an all-time high of $ 87.58. This helped founder Colin Huang’s fortune to reach $ 45.4 billion – the second richest person in China, after Ma Huateng – CEO of Tencent ($ 51.5 billion).

Billionaire Jack Ma – who resigned as chairman of Alibaba last year to focus on charitable activities now owns a fortune of $ 43.9 billion.

 Ông chủ trang thương mại điện tử giá rẻ vượt Jack Ma thành người giàu thứ 2 Trung Quốc - Ảnh 1.

Shares of cheap e-commerce firm Pinduoduo increased more than 300% in the past year to help Huang, a former Google engineer, close the gap with two former bosses Larry Page ($ 64.3 billion) and Serge Brin ( 62.6 billion USD). Meanwhile, Huang’s net worth is three times that of former Google CEO Eric Schmidt, who owns $ 15.1 billion.

Launched in 2015, within a short time Pinduoduo has become one of China’s largest online retail businesses with a market capitalization of $ 104 billion. Investors in this company include Tencent, Sequoia China and Gaorong Capital (aka Banyan Capital).

Huang graduated with a master’s degree in computer science from the University of Wisconsin. He was an intern at Microsoft as a student, but then decided to join Google when he graduated in 2004. The 40-year-old billionaire started out as a Google software engineer and became one of the first. in the Google China team. Huang later left the company to start a business, establishing online game company Xinyoudi and e-commerce platform Ouku.com, before having great success with Pinduoduo.

Share the news now

Source : Genk