Jack Ma basically developed the e-commerce company in China by co-founding Alibaba Group Holding Ltd. and steering it to the top of the nation’s private sector. However a couple weeks back, the popular entrepreneur called out an obscure rival for exceeding his brainchild and becoming a good example for the tech market.
” Congratulations to Pinduoduo for their decision-making, execution and efforts of the past years,” Ma wrote on an internal online forum, prodding Alibaba’s 220,000-plus employees to “remedy its course.”
For those beyond China, the name Pinduoduo may have drawn a blank. Yet the upstart, formally known as PDD Holdings Inc., has been surging in popularity for many years, winning over consumers in the domestic e-commerce market with a range of innovations. It’s likewise the company behind the hit shopping app Temu in the United States, which has gone from absolutely no to matching Amazon.com Inc. and Walmart Inc. in just more than a year. After Ma’s comments, PDD’s market valuation climbed up above Alibaba’s for the very first time ever, a seismic shift for an industry that has actually been controlled for more than a decade by the house that Jack developed.
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