News Snapshot:
Shares of Pinduoduo or PDD fell more this year than shares of Alibaba Group or Tencent Holdings. Colin Chuang, the founder of China’s Pinduoduo e-commerce platform, has lost more wealth this year than anyone else in the world. According to the Bloomberg Billionaires Index, the value of its assets fell by more than $ 27 billion (€ 22.92 billion) in the year. His company’s shares fell sharply after China intervened against major Internet giants. This is the largest drop in assets among the index’s 500 members, much larger than the loss of about $ 16 billion to China Evergrande Group...
