Colin Huang Sees Net Worth Surge To Catch Up In Wealth To Ex-Google Bosses
Colin Huang was an engineer at Google who worked on the first algorithms for e-commerce. He left his well-paying job to move to China. This decision works very well for him. Back in China, he founded Pinduoduo Inc., an e-commerce site. The Shanghai-based startup is accessible on WeChat, the popular messaging app in China. Pinduoduo brings the mall experience to your smartphone.
A group of people buy together to get discounts. When shopping, users can share ideas and ask for opinions. Huang saw a huge increase in his net worth thanks to a 12.7% increase in the share price. This surge added an additional $ 2.9 billion to his bottom line, giving him a net worth of $ 26 billion and making him the largest creator of wealth in the world that day. He is the third richest person in mainland China.
Huang grew up in Hangzhou.
He went to Zhejiang University and received his master’s degree in computer science from the University of Wisconsin. He started at Google in 2004 as a software engineer. In 2006, he returned to China to help start Google China. He started his first business in 2007, an e-commerce site called Ouku.com. He sold it three years later. Huang founded Pinduoduo in 2015. The startup is supported by My huateng’s Tencent Holdings Ltd.
With his net worth of $ 26 billion, he represents about one-third of the net worth of Larry Page’s $ 62 billion and almost half the net worth of Sergey Brin’s $ 57 billion. However, he far surpassed former Google CEO Eric Schmidt and his net worth of $ 11 billion.
Huang knows how to create viral and social purchases. This is a big part of Pinduoduo’s success, it encourages buyers to share on the platform. It links groups of buyers to suppliers. Once the group has agreed to buy, suppliers ship their products at reduced prices. It is a form of “social commerce” which exploits personal networks for the benefit of the company and the client. Huang has a global vision. Pinduoduo is currently only available in China. However, it is no exaggeration to see how the concept of Pinduoduo could also be successful outside of China. Extremely low prices are a must-see attraction of Pinduoduo. The discount is usually up to 90%, including everything from sheets for $ 1.50 to computers for $ 150.
In July, we wrote about Pinduoduo’s next IPO. At the time, we reported that the company offered 85.6 shares at a price of $ 16 to $ 19 each, and Huang owns 46.8% of its business after the IPO. When Pinduoduo went public, it did so at $ 19 per share and closed the first trading day at $ 24 per share. As of this writing, PDD’s shares are trading on the NASDAQ at $ 51.19. Pinduoduo currently has a market capitalization of $ 58 billion. Pinduooduo is one of the largest online retail companies in China.
More than half of the 10 richest people in China have made their billions of dollars in technology. China has the second largest number of billionaires with 389 after the United States and our 614.