Social media scandal saps $2.8 billion from one of the richest people

What was one of the most wealthiest 500 people on Earth has suffered from a social media scandal costing him $2.8 billion.

59 seconds read time

A social media scandal in China has caused one of the top 500 wealthiest individuals to lose $2.8 billion.

Social media scandal saps $2.8 billion from one of the richest people 55

Mr. Wang, the son of property billionaire Wang Jianlin, created a video on April 15 that was posted to China's social video platform Weibo. The video questioned whether the World Health Organization had recommended the herbal remedy, Lianhua Qingwen, created by Wu Yiling, one of China's leading scientists.

Lianhua Qingwen is one of the three government-recommended COVID-19 treatments, and before the video by Mr. Wang, Mr. Yiling's total wealth was around the $6 billion mark, according to Bloomberg. The video caused doubt to spread among investors, sending Shijiazhuang Yiling Pharmaceutical Co's share price in a downwards spiral that saw it decrease by 35% from its peak on April 11. Mr. Yiling's wealth saw a catastrophic drop, sliding by $2.6 billion, and is now sitting at a total of around $4 billion.

Furthermore, Mr. Wang also publicly called upon China's Twitter-clone social media platform to investigate Yiling. Notably, both of these posts were deleted this past Tuesday and were followed by Mr. Wang being banned for "violated related laws and regulations".

The day after the viral social media scandal passed Mr. Yiling announced that he would be launching legal action against Mr. Wang for his defamatory comments.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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