By Reuters Staff
3 Min Read
(Reuters) - Pinduoduo Inc’s founder Colin Huang Zheng stepped down as chairman on Wednesday, even as the firm overtook rival Alibaba to become China’s largest e-commerce platform by users.
FILE PHOTO: The logo of Chinese online group discounter Pinduoduo is seen next to its mobile phone app in this illustration picture taken July 17, 2018. REUTERS/Florence Lo/Illustration
The Shanghai-based company reported 788.4 million annual active buyers for the 12 months to the end of 2020, overtaking rival Alibaba Group to become China’s largest e-commerce platform by users. Alibaba recorded 779 million annual active buyers during the same period.
The U.S. House Judiciary Committee's antitrust panel will hold a hearing on Thursday to discuss strengthening antitrust law, with the acting Federal Trade Commission chairwoman and the Colorado attorney general among the witnesses, the committee said in a statement on Monday.
Netflix's 1930s Hollywood drama "Mank" led a diverse field of Oscar nominations on Monday packed with historic firsts but with no clear front-runner for the highest honors in the movie industry.
By Reuters Staff
2 Min Read
FILE PHOTO: Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian
(Reuters) - Billionaire hedge fund investor William Ackman said on Monday he donated 26.5 million shares in newly public South Korean e-commerce giant Coupang Inc to three entities, including his foundation.
Ackman, who runs hedge fund Pershing Square Capital Management, said on Twitter he also donated the shares to a donor-advised funds program and another non-profit he did not identify.
The donation is valued at $1.36 billion, calculated at Coupang’s current share price of $51.4.