- Colin Huang, the founder of ecommerce giant Pinduoduo, is currently China’s fourth-richest person.
- Huang, who is worth $34 billion, owns 28% of Pinduoduo, the parent company of Temu.
- Huang was part of the team that launched Google China. He resigned in 2007, and has since been a serial entrepreneur.
Colin Huang isn’t a household name outside of China, but he’s one of the world’s richest people.
Huang is the founder and former CEO of Pinduoduo, a gamified online marketplace connecting buyers and sellers. It’s popular in China and has a market cap of more than $135 billion, giving it a higher valuation than Uber or Sony.
People buy items on Pinduoduo such as iPhones at sale price while playing games, and rope in friends to “group-buy” groceries at huge discounts. Pinduoduo takes a small commission and charges sellers to promote their products on its app, but doesn’t hold any stock.
Huang founded the company in 2015. It’s grown rapidly ever since, and listed in New York in July 2018.
Huang’s fortune exploded after this, with his net worth hitting a high of just over $70 billion in February 2021, per estimates from the Bloomberg Billionaires Index, though it’s since dropped. He’s currently worth an estimated $36.4 billion, per Bloomberg, making him the 35th-richest person in the world and the fourth-richest in China.
Just a year ago, Pinduoduo launched its cut-price shopping app Temu in the US. Pinduoduo last week posted a huge jump in revenues.
