Colin Huang sees a resurgence in his fortune as the company’s low-cost platform ‘Temu’ drives growth, surpassing Alibaba and benefiting from post-Covid economic shifts.
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Colin Huang, Former Google engineer & founder of Pinduoduo was famously known for his innovative business selling cheap products with large promotions in 2015. During the peak of his business in 2021, Huang's net worth hit $71.5 billion in early 2021, but when Covid hit, the fortune collapsed. Time passed and Huang’s PDD holdings Inc started a comeback. The brand “Temu” counteracted a weak economy, selling products on their platform for cheap and with low margins. PDD reported $35 Billion in revenue last year, a 90% leap from the year end of 2022. China dropped its Covid-Zero policy in December of 2022, allowing the evaluation of PDD to rise. In November of last year, the company surpassed Alibaba for the first time, becoming one of the largest internet firms. As the app continues to scale on the charts in the US and globally, Huang stands to benefit as consumers continue to seek cost effective goods in the retail space.
