https://www.reuters.com/article/us-pinduoduo-results/chinas-pinduoduo-suffers-11-billion-slump-in-value-after-big-loss-idUSKBN1XU17Q

Chinese e-commerce firm Pinduoduo posted a much wider-than-expected quarterly loss as it fought bigger rivals with heavy subsidies, driving its shares down by nearly a quarter and wiping almost $11 billion off its value on Wednesday.