A 1,100-year-old poem cost Meituan’s outspoken CEO US$2.5bil


Delivery riders for Meituan, one of China’s biggest food delivery firms, chat while waiting for orders outside a restaurant in Beijing. Even before Wang’s post, state media had run regular exposes describing the plight of Meituan’s delivery drivers, helping stoke online outrage. — AFP

It took just 28 Chinese characters on an obscure social media platform to ignite a controversy that’s rattled the country’s tech industry.

Meituan CEO Wang Xing lost US$2.5bil (RM10.29bil) of his wealth 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 US$26bil (RM107.08bil) over two days, the biggest loser in a broader tech rout.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Sirius XM found liable in New York lawsuit over subscription cancellations
US Supreme Court tosses case involving securities fraud suit against Facebook
Amazon doubles down on AI startup Anthropic with $4 billion investment
Factbox-Who are bankrupt Northvolt's creditors?
UK should use new powers to probe Apple-Google mobile browser duopoly, report says
EU regulators scrap probe into Apple's e-book rules after complaint was withdrawn
Hyundai recalls over 145,000 electrified US vehicles on loss of drive power
'World of Warcraft' still going strong as it celebrates 20 years
Northvolt CEO steps down, saying group needs up to $1.2 billion
Bitcoin at record highs, sets sights on $100,000

Others Also Read