Didi duo lose US$1.5b as shares plunge on China’s crackdown

Chinese regulators asked Didi as early as three months ago to delay its landmark U.S. IPO because of national security concerns involving its huge trove of data.

THE DUO behind Didi Global Inc. lost $1.5 billion in wealth in two trading days as the Chinese ride-hailing giant’s shares plummeted in New York after Beijing cracked down on the company.

Cheng Wei, co-founder and chief executive officer, saw his net worth drop by about $1.2 billion, according to the Bloomberg Billionaires Index. Jean Liu, co-founder and president, shed about $300 million.