Huang, a former Google engineer, established the ecommerce platform Pinduoduo in 2015. His wealth soared to $71 billion in 2021 before plummeting by 87 percent the following year due to regulatory actions taken by the Chinese government against the tech industry. However, Huang has now climbed back up and is currently ranked as the world’s 25th richest person. The rise in his wealth can be attributed to Temu gaining market share from ecommerce giants like Amazon and other Chinese companies such as Alibaba.
Temu operates exclusively through its mobile app and requires users to install its software on their devices in order to make purchases at heavily discounted prices through gamified mechanisms.
The company’s business practices have faced scrutiny.
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