China’s PDD Suffers $55 Billion Market Cap Wipeout | Business Matters (Aug. 27)

Chinese e-commerce giant Temu blindsided investors Tuesday. Parent company PDD Holdings reported missed revenue and a gloomy outlook as a result of consumers cutting back. In China, money is tight due to high unemployment and a weak property market. CEO Chen Lei says consumers, who were once attracted to its bargain prices, are ...