A tycoon has had his fortune slashed by a whopping $27 billion as China cracks down on tech firms.

Chinese billionaire Colin Huang, the founder of the e-commerce platform Pinduoduo Inc saw his fortune dropping after the stocks of his company plunged.

It is the biggest drop in wealth recorded according to the Bloomberg Billionaires Index.

In comparison, Hui Ka Yan, Chairman of Evergrande, one of China’s largest real estate developers lost $16 billion.... Read More: The Sun