China’s newest billionaire, Tuya CEO Jerry Wang, worked at China e-commerce heavyweight Alibaba … [+]
The 19% jump in shares in Internet of Things cloud platform provider Tuya on its first day of trading at the New York Stock Exchange on Thursday has minted China’s latest billionaire.
At yesterday’s closing price of $25 a share, founder and CEO Jerry Wang’s 86.6 million shares in Tuya held through his Tuya Group were worth $2.2 billion; he is the settlor of a trust that holds 27 million shares that were worth another $675 million.
Prior to founding Tuya 2014, Wang worked as a senior director in China e-commerce heavyweight Alibaba, launching product innovations for Alibaba Cloud and Alipay that included Alibaba’s QR code payment system, according to the company’s prospectus. In 2012, Wang was a member of Forbes China’s 30 Under 30 list.
Hangzhou, China-headquartered Tuya raised $915.4 million in an IPO this month. Board members include former GE CEO Jeff Immelt. Its investors include Tencent Holdings, which has a 10% stake.
Tuya’s platform allows developers to bring together brands, hardware suppliers, users and others to communicate through smart devices.
Wang, 38, holds a bachelor’s degree in information and technology science from Zhejiang Sci-Tech University. Tuya declined to comment on his wealth.
Mainland China is home to the world’s second-largest number of billionaires after the United States. Alibaba’s main founder Jack Ma is worth $48.7 billion today on the Forbes Real-Time Billionaires List.
Alibaba is also headquartered in Hangzhou.
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I’m a senior editor and the Shanghai bureau chief of Forbes magazine. Now in my 20th year at Forbes, I compile the Forbes China Rich List. I was previously a