1,100-year-old poem causes loss of ₹18,365 cr wealth to Chinese billionaire
By MYBRANDBOOK
Meituan CEO Wang Xing lost $2.5 billion of his wealth over two days after he posted verses from a millennium-old poem about the misguided attempts of China’s first emperor to quash dissent. Wang, a usually plain-speaking engineer who enjoys literary classics, later scrubbed his post and explained he was really calling out the short-sightedness of his own industry, trying to clarify there was no implied criticism of the government. But the damage was done: Meituan shed $26 billion over two days, the biggest loser in a broader tech rout, before bouncing back as much as 4.3% Wednesday. The seemingly extreme reaction to Wang’s post underscores how much markets remain on edge months after Beijing launched a crackdown against the twin pillars of Jack Ma’s internet empire, Alibaba Group Holding Ltd. and Ant Group Co. While far more succinct, Wang’s utterances recalled for some investors Ma’s own ill-timed comments in a public forum, which torpedoed Ant’s $35 billion IPO before igniting a wide-ranging campaign to rein in the country’s increasingly powerful -- and vocal -- corporate chieftains.
Regulators had only just chosen the gig-economy giant as the subject of their second major investigation after fining Alibaba $2.8 billion for alleged monopolistic behavior. While evocative, the poem offered far from conclusive evidence of Wang’s intentions or thinking. Part of it read: “Before the ashes turned cold, rebellion had arisen east of the mountains.” Yet it was his timing that may rankle officials already examining issues from worker compensation and benefits to its competitive tactics.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : MADHABI PURI BUCH
Madhabi Puri Buch is the first-female chairperson of India’s markets...
Icons Of India : Girish Mathrubootham
Girish Mathrubootham is the Founder of Freshworks (previously known ...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...