China’s richest man dropped out of college and misplaced $4billion in a day

China’s richest man may not be a family identify, however he’s rich sufficient that dropping billions in a single day didn’t impression his place among the many world’s wealthiest folks.

Zhong Shanshan made his fortune in bottled water, however his early years had been marked by wrestle.

He dropped out of main college throughout China’s Cultural Revolution, which aimed to purge capitalist notions from Chinese language society, and a younger Shanshan discovered work in building.

He later labored as a journalist and a beverage gross sales agent earlier than beginning his personal enterprise.

Years later in 1996, he based a bottled water firm he referred to as Nongfu Spring.

In 1999, Nongfu Spring stopped eradicating pure minerals from its water, a transfer which was celebrated by its prospects resulting from distilled water being the norm on the time.

Nongfu Spring rapidly grew to become one of many largest on the earth and at this time Shanshan is value $55.2 billion.

He additionally controls Wantai Organic, which makes speedy diagnostic exams for infectious ailments together with Covid-19. His wealth is so huge that he as soon as misplaced multi-billions in a single day and nonetheless remained one of many richest males on the earth.

In line with Forbes, in August of final 12 months Shanshan noticed his wealth plunge by a whopping $4.4 billion in a single day after the corporate’s core consuming water enterprise was reported to have contracted within the first half of 2024.

Forbes reported on the time that the plunge put Shanshan’s wealth only a whisker above the second richest man in China’s wealth. Zhang Yiming, the founding father of TikTok proprietor ByteDance, has a fortune of $45.6 billion. Nonetheless, now Shanshan is comfortably richer than Yiming.

At present in line with the Actual Time billionaire’s checklist, Zhang Yiming is available in because the thirtieth richest man on the earth and Zhong Shanshan is twenty sixth.