Once Richer than Peter Thiel, Pop Mart’s Wang Ning Sees $6 Billion Vanish with Labubu Hype

Once richer than Peter Thiel, Pop Mart’s Wang Ning sees $6 billion vanish with Labubu hype

Just weeks ago, Pop Mart founder Wang Ning was riding high with a net worth of $27 billion, richer than Silicon Valley’s Peter Thiel, thanks to a rabbit-eared plush called Labubu. The “ugly-cute” doll has been flaunted by celebrities from David Beckham to Blackpink’s Lisa, pushing resale prices to dizzying heights.  But once the “cool hunters” move on, Wall Street does too, and Wang is finding that out the expensive way.  Since Pop Mart’s peak o…

Pop Mart Shares Slump Most Since April After JPMorgan Downgrades

The cooling frenzy over Labubu dolls has brought one of the world’s biggest stock rallies to a halt, erasing billions of dollars from the value of Pop Mart International Group Ltd.