:cap-think: :xi-gun:
It’s the starkest example of how the tide has turned for China’s billionaire class as President Xi Jinping calls for “common prosperity” and reins in the country’s private-sector companies.
:isaac-pog: HE'S GOING TO PRESS THE BUTTON :xi-clap:
E-commerce firm Pinduoduo (PDD) on Tuesday pledged to donate the $372 million it made in the three months through June 30 toward the development of China's agricultural sector and rural areas. In total, it expects to donate 10 billion yuan ($1.5 billion) toward such causes.
https://www.cnn.com/2021/08/25/tech/china-wealth-redistribution-pinduoduo-intl-hnk/index.html
This is a soft-nationalization. Pretty good! No way you would see Apple donating 1.5billion towards anything
Why do so many rich Chinese people have western sounding first names?
almost all are not their given name, when you learn English you usually choose an Anglo name to use
Getting in with a bunch of westerners is probably easier if you have a name like them. I've also heard that from many Chinese they consider Pinyin as "not being their real name" regardless, so they don't see a major difference between that and just having a West name anyway.
PDD is among the tech giants that have been pledging current and future corporate profits to invest in philanthropy projects amid President Xi’s campaign to close China’s wealth gap. It said last month it would allocate $1.5 billion in earnings to help the development of agriculture in the country. Before that, Huang and PDD’s founding team also gave $2.4 billion in the company’s shares to a charitable trust last year.
Of the 10 billionaires with the biggest net worth declines this year, six are from China, according to the Bloomberg index. They include Zhong Shanshan, the chairman of bottled water company Nongfu Spring Co., who has lost $18 billion, Hui of the besieged developer Evergrande, and Tencent’s Pony Ma, whose fortune has dropped by more than $10 billion
:xicko:
What stands out to me is that bootlickers love to be like „ooooh the ultra-rich carry so much responsibility and risk“ but then a $27B loss that still leaves the guy a billionaire is the „World’s Biggest Wealth Drop“.
The guy is getting targeted by perhaps the world’s least billionaire-friendly government and he‘s still unimaginably rich.
Could it just maybe be that once you have that much money it becomes all but impossible to lose it?
climb tall towers, fall great heights.
Hope he has a sense of perspective!
the maoist uprising against the landlords was the largest and most comprehensive proletarian revolution in history, and led to almost totally-equal redistribution of land among the peasantry
