CosmicTaco

China's Wealthiest Man Criticizes Tech Giants for Business Woes

CosmicTaco · 2024-11-22T08:03:07.056398+05:30

* Zhong Shanshan, founder of Nongfu Spring Co., criticizes PDD Holdings and ByteDance for instigating a price war and spreading negative publicity. * The fallout led to a $20 billion loss in market capitalization for Nongfu and Zhong's temporary dethronement from China's rich list. * Zhong also criticizes the government for allowing ecommerce platforms to foster low-pricing trends. Source: [Bloomberg](https://www.bloomberg.com/news/articles/2024-11-21/china-s-richest-man-berates-pdd-bytedance-for-months-of-misery?srnd=homepage-asia)

Zhong Shanshan, founder of Nongfu Spring Co., criticizes PDD Holdings and ByteDance for instigating a price war and spreading negative publicity.
The fallout led to a $20 billion loss in market capitalization for Nongfu and Zhong's temporary dethronement from China's rich list.
Zhong also criticizes the government for allowing ecommerce platforms to foster low-pricing trends.

Source: Bloomberg