Sharing content over social media can lead a person gain popularity and face misfortune at the same time. In a recent incident, a Chinese Billionaire lost crores of money after he shared verses of a poetry.
Meituan’s CEO Wang Xing, faced a loss of around $2.5 billion as he shared a 11,00 year old Chinese poem on his official account.
Xing allegedly posted verses that criticized emperor of the Qin dynasty. The emperor is believed to have burnt books in order to degrade the intellectuals. This was done in order to be overthrown by the uneducated citizens. The Chairman posted the poem on the social media site he founded on May 6, this year
The post was interpreted by many Chinese social media users to be in reference to the anti- monopoly campaign lead by Wang. However, On Sunday Xi clarified that he referred to the business rivals through the poem quoting “”the most dangerous opponents are often unexpected ones”. As o now, the post published by the CEO has been removed from the platform.
Meanwhile, Meituan, a Chinese food delivery giant owned by Wang flumped it shares after the controversial post. The ancient poem was perceived as a criticism against the present Chinese Government and President Xi Jinping.
In two days the company market value dropped as it lost $ 30 billion. The company had recently made a profit of $10 billion which fell down. This came as a result of decline in Chinese tech share after the investors remained apprehensive over a downfall that seized Meituan.