Wednesday, 24 June 2020 04:53

Ex-Google worker becomes China’s second-richest person

Rate this item
(0 votes)

A former Google employee was briefly ranked the second richest person in China, following a surge in sales at his e-commerce business, Pinduoduo.

Colin Huang was valued at $45.4bn (£36.4bn) by Forbes, on Sunday, ahead of Alibaba's Jack Ma but behind Tencent's Pony Ma.

Mr Huang was previously an intern at Microsoft and then spent three years as an engineer at Google.

“These three years were incredibly valuable to me,” he blogged in 2016.

“Google gave me far more than I contributed.”

According to Forbes, a slip in Pinduoduo's value has since given Mr Ma back the second spot.

Shopping games

Mr Huang founded Pinduoduo in 2015.

And the company became particularly popular in China during the Covid-19 pandemic, with orders increasing from 50 million to nearly 65 million per day.

Its novel features include team buying, where customers come together to purchase more units at a lower price.

Customers can also play games on the site and are sometimes rewarded with free gifts.

In his 2016 blog, Mr Huang said some early Google employees had been adversely affected by quickly becoming wealthy.

“They suddenly got too much money, lost incentives to work and started to look for fun and new careers,” he wrote.

“Many years passed and they wasted their most precious time, when they were most likely to have other outstanding achievements.”

Mr Huang still has some way to go to catch up with the world's richest technology billionaire, Jeff Bezos.

Forbes currently estimates the Amazon founder is worth $162.2bn.

 

BBC

May 04, 2024

Peer-to-peer trading in cryptocurrencies worth $500bn in Nigeria – Expert

Chief Executive Officer of one of the leading cryptocurrency platforms in Nigeria, NoOnes, Ray Youssef,…
May 01, 2024

Overwhelming majority of Nigerians have lost confidence in INEC, survey reveals

Yiaga Africa, a prominent election observation group, reveals in its latest report that only 23…
May 04, 2024

‘Your personality will get you 10 times richer than your intelligence,’ says self-made millionaire who retired at 35

I interviewed millionaire early retiree Steve Adcock recently on the subject of financial regrets. Adcock…
April 13, 2024

A new camera can undress people almost in real time—to send a message about AI

Nuca, a new deepfake camera, is an art project that shows how artificial intelligence can…
May 03, 2024

Two military officers face court martial over drone strike that killed 85 civilians in Kaduna

Nigeria's military has ordered two officers to face court martial proceedings over a drone strike…
May 04, 2024

What to know after Day 800 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia says it has driven Ukrainian army from 211 square miles of territory…
May 01, 2024

Wellspring Consulting proposes cybersecurity investment to boost Nigeria's economy

In a bid to rescue Nigeria from its economic challenges, Wellspring Consulting advocates for significant…
April 30, 2024

Finidi George is new Head Coach for Super Eagles

Former Nigerian winger Finidi George has been appointed as the head coach of the national…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.