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- Colin Huang, founder of e-commerce giant Pinduoduo, just lost his place as China's richest person.
- Pinduoduo's parent company, PDD Holdings, also owns Temu, which has exploded in popularity.
- Huang's worth tumbled after Pinduoduo's shares fell 29% on Monday.
Colin Huang's reign as China's richest person is over just weeks after it began.
Huang, aged 44, became China's richest person on Aug. 8. He's the founder and former CEO of Pinduoduo, a gamified online marketplace connecting buyers and sellers that's popular in China. Pinduoduo is also the company behind Temu, the discount shopping website that has taken off in the U.S. over the past two years.