A plunge in shares of PDD Holdings Inc., the parent company of e-commerce giant Temu, on Monday saw Huang’s wealth plunge by $14.1 billion, his biggest single-day loss ever. Huang is now the fourth-richest person in China with a net worth of $35.2 billion, according to the Bloomberg Billionaires Index.

This is a dramatic fall for the founder of PDD, who on August 8 became the first tech tycoon in more than three years to top China’s wealth rankings, displacing mineral water billionaire Zhong Shanshan. Zhong had regained first place on Monday with a fortune of $50 billion.

PDD reported quarterly revenue that was below analysts’ estimates and warned that sales growth would slow. CEO Chen Lei repeatedly told analysts on a conference call after the results were released that the company’s current trajectory was unsustainable, at a time when rivals such as ByteDance’s TikTok and Alibaba Group Holding Ltd. are vying for price-conscious shoppers. The company’s U.S.-listed shares fell 29%, the most on record.

Management also dampened its expectations regarding possible dividend payments and share buybacks in the coming years.

“We face intense competition on various fronts and uncertainties from external factors,” Chen said. “As a result, our management team and I are unanimous in our opinion that now is not the right time for share buybacks or dividends. And we do not see any need for them in the coming years.”

Huang founded PDD in 2015 after founding a few gaming and e-commerce companies. The former Google engineer quickly rose to the ranks of the world’s richest people, with his net worth peaking at $71.5 billion in early 2021. He stepped down as CEO of PDD in 2020 and left the board as chairman in 2021 as Beijing began cracking down on China’s tech giants.

The e-commerce platform is known for selling dirt-cheap products with massive promotions, attracting price-conscious consumers as global inflation rose. It expanded outside China under the brand name Temu and quickly became one of the most downloaded U.S. apps after a spectacular debut in 2022. Since then, it has begun to challenge Chinese online shopping giant Shein and even Amazon.com Inc. in certain segments.

But the company has faced frustration from suppliers, employees and governments. Hundreds of small traders gathered outside PDD offices in southern China this summer to protest what they say are unfair penalties the company imposes. Meanwhile, the European Union is working on a proposal to close an import tax loophole for cheap goods bought online, and U.S. lobbyists are pushing for a cap on duty-free shipments to $10, rather than the current $800.