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The once-inconceivable shift reflects the turmoil that engulfed Alibaba after Beijing in 2020 targeted the company and its once-outspoken co-founder, kicking off a sweeping crackdown on the powerful tech sector. It also signals the rise of a generation of upstarts from PDD to ByteDance, which are disrupting the traditional arenas of social media and e-commerce.
He was responding to employees’ discussions on how PDD Holdings may soon overtake Alibaba in terms of market capitalization.
Pinduoduo has remarkably grown from a fringe platform to the world’s fifth largest E-Commerce platform in only five years since its IPO.
Colin Huang, the 43-year-old founder of Chinese discount retailer PDD, experienced the bump in riches—and jumps ahead of TikTok billionaire—after shares of his company soared 18%.
Sea’s shares fell 22% Tuesday, wiping out roughly $643 million of chairman and CEO Forrest Li’s fortune.