Temu’s founder is now China’s richest man

His wealth now stands at $48.6 billion. According to Bloomberg, Colin Huang is now the 25th richest person in the world.

Colin Huang has become China’s richest man, thanks to the wildly successful bargain hunting app Temu.BloombergThe new ranking was published on Friday; according to this calculation, Huang, 44, who founded the holding company Pinduoduo, the parent company of Chinese online retailers Pinduoduo and Temu, is in first place with a fortune of $48.6 billion (44.5 billion euros). He is responsible for foreign markets.

Temu’s special offers are very tempting. However, the online retailer has been criticized many times for its poor product quality, shipments without receipts and, last but not least, the disastrous impact of its products on the climate and the environment. Consumer advocates criticized the online marketplace as being “full of manipulative techniques designed to make consumers spend more money on the platform.”

Temu was established in 2022

According to Bloomberg, founder Huang, a former Google China employee, is the 25th richest person in the world with billions of assets. In 2015, he founded Pinduoduo. Temu was launched in the United States in 2022; the European and Latin American markets followed. Temu claims to have about 75 million monthly active users in Europe.

The second richest person in China is Zhong Shanshan, the “mineral water king” and her bottling company Nongfu Spring, who has been at the top of the list since 2021. The third richest person on the Bloomberg list is the head of an Internet company. TencentMa Huateng, followed by Zhang Yiming, founder of Tiktok’s parent company ByteDance. (American Psychological Association/AFP)