Meet Colin Huang, the billionaire founder of Temu and Pinduoduo

But Pinduoduo shares fell 29% in the US on Monday after the company reported lower-than-expected revenue and indicated that sales growth would slow.

That reduced Huang’s net worth to $35.2 billion, $14.1 billion less than it was previously, Bloomberg reported. Huang is now the fourth-richest person in China and the 45th-richest person in the world, according to the news publication’s Billionaires Index.

Pinduoduo had a market capitalization of more than $190 billion when Huang became China’s richest person, giving it a higher valuation than Uber or Sony.

People buy items on Pinduoduo, such as discounted iPhones, while playing games and connecting their friends to “group buy” groceries at huge discounts. Pinduoduo receives a small commission and charges sellers to promote their products on its app, but does not own any inventory.

Huang founded the company in 2015. It has grown rapidly since then and was listed in New York in July 2018.

In September 2022, Pinduoduo launched its discount shopping app Temu in the US. It quickly climbed the download charts.

Here’s how Huang went from a math Olympian to a Google software engineer to a serial entrepreneur and e-commerce billionaire.