Chinese professor loses RM10.13bil after SenseTime slumps

The fall of SenseTime occurred after the lock-up period on a portion of shares held by cornerstone investors and stakeholders expired a day earlier. — SenseTime

A co-founder of SenseTime Group Inc lost almost half of his fortune after shares of the artificial intelligence giant plummeted as much as 51% on June 30.

Tang Xiao’ou, a Massachusetts Institute of Technology graduate and information engineering professor at the Chinese University of Hong Kong, has a 21% stake in the company. His net worth plunged by about US$2.3bil (RM10.13bil) to US$2.9bil (RM12.77bil), based on the intraday share price, dropping him off a list of the world’s 500 richest people, according to the Bloomberg Billionaires Index.