E-commerce tycoon Colin Zhen Huang lost over $3B in a single day.
Shares in Huang's China-based e-commerce giant Pinduoduo plunged as the company prepares for a price war with leading competitor JD.com.
- Huang became one of the biggest losers on the World's Real-Time Billionaires when Pinduoduo shares fell by 9.5% overnight.
- The drop reduced his net worth by $3.1B.
- Pinduoduo has benefited from China's economic slump by offering cheap goods.
- The company now faces a regulatory crackdown and stiff competition from e-commerce rivals.
- Rival e-commerce giant JD.com is rumored to have earmarked $1.5B to ensure that many of its products sell for less than they do on Pinduoduo.
- Investors are concerned that Pinduoduo will need to spend heavily to protect itself from rising threats.
